Patanjali gets 1.5 mn palm oil seeds from Malaysian state agency under 5-year deal
Synopsis
Sawit Kinabalu Group, a Malaysian state agency, has supplied 1.5 million palm oil seeds to India's Patanjali Group under a five-year contract aimed at supporting India's domestic palm oil cultivation efforts. This deal marks the first time a Malaysian state agency has engaged in supplying palm oil seeds, aligning with India's goal to reduce import dependence.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
17 hours ago
- Time of India
Patanjali Group to revive mega food park project in Vizianagaram district
Visakhapatnam: Yoga guru Baba Ramdev 's Patanjali Group is planning to revive its mega food park project on 172.84 acres at Chinnaraopalli village in Kothavalasa mandal of Vizianagaram district. Baba Ramdev had visited the site allotted by the govt nine years ago and the Patanjali food and herbal park is expected to provide employment to over 33,000 people in the district. The project would be set up as Patanjali Ayurved Limited (PAL). As per the initial plan, agricultural produce such as barley, maize, jowar, rice, pomegranate, sesame, turmeric, black gram, red gram, pulses, potato, peas, ginger, chilli, onion, and mango will be processed in the food park. Patanjali Group owner Baba Ramdev visited the site allotted for the project. Andhra Pradesh Industrial Infrastructure Corporation (APIIC) had acquired 'D' patta lands from farmers for the project. The revenue department paid Rs 8.5 lakh per acre as compensation to farmers and the company is expected to invest over Rs 500 crore. Baba Ramdev informed the locals that mega units would come up in the area under PAL. According to govt sources, the company would process two lakh metric tonnes of agriculture produce and would later increase the capicity to three lakh tonnes. The mega project will have core processing facilities including freezer facilities for fruits and vegetables, pre-cooling and ripening chambers, cold storage with blast freezer, dry grinding and packing facilities, among others. There will be an anchor unit of juice extraction with a capacity of 1,500 metric tonnes per day. It would be set up with an investment of Rs 45 crore.
Time of India
6 days ago
- Time of India
ASEAN co-chair rebukes Piyush Goyal over 'B-team of China' remark
New Delhi: The Asean co-chair for the review of India FTA has expressed displeasure over commerce and industry minister Piyush Goyal's recent remarks, describing several countries in the region as a "B team of China". At a scheduled India-Asean meeting held in Kuala Lumpur on Friday, the Malaysian co-chair put out a strongly worded message in response to the Indian minister's comments, ET has learnt. The occasion was Asean-India trade in goods agreement review. The Asean-India Free Trade Agreement, signed in 2009, is currently undergoing a review to address trade imbalances and other concerns. India seeks a more balanced and sustainable trade relationship with Asean. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like ¡Kit alarma con cámara Wi-Fi: ¡Precio increíble por tiempo limitado! Verisure Alarmas Leer más Undo Several officials from SE Asian states, including those who enjoy close partnership with India, speaking on the condition of anonymity told ET that the public comments were surprising as India's direct trade with China is high and the Asean states cannot be blamed for that. The officials expressed surprise as India as well as the Asean have been making concerted efforts over the last few years to expand ties across sectors. SE Asia's biggest state Indonesia has been proactive in blunting Pakistan's narrative in the OIC. On Friday, a senior MEA official held an informal meeting with the Asean Secretariat at Jakarta to discuss steps to further ties. Live Events The meeting exchanged views on the progress of Asean-India Comprehensive Strategic Partnership. Last Thursday Goyal had slammed Asean countries as the "B-team of China" and dubbed trade deals with them as "silly". This took the entire SE Asia by surprise on the 30th anniversary of India becoming a full dialogue partner of Asean in 2025.
&w=3840&q=100)
Business Standard
6 days ago
- Business Standard
Central banks in Asia scale back currency intervention as dollar weakens
By Marcus Wong and Malavika Kaur Makol Some of emerging Asia's biggest central banks look to be dialing back their interventions in the currency market. The central banks of India and Malaysia have reduced the size of some derivatives positions they use to weaken their currencies. Taiwan has allowed its currency to surge against the dollar in recent weeks and dropped hints it would be comfortable with more if the moves were 'orderly.' South Korea's giant national pension fund has ended its five-month support of the won. A major reason for these moves is a simple change in the market landscape: The dollar has tumbled more than 7 per cent this year, easing pressure on emerging market currencies. But strategists and investors also point to the risk of a backlash from US President Donald Trump, amid rising speculation that currency policies will be on the table during a series of ongoing — and high stakes — trade negotiations. 'The threat of being labeled a currency manipulator by the US, especially during this period of tariff negotiations, will act as a deterrent to further heavy FX intervention in local markets,' said Rajeev De Mello, a Geneva-based portfolio manager at GAMA Asset Management SA. The shifting approach of Asia's central banks to defending their currencies underscores the sweeping changes in global markets since the election of Trump, whose on again-off again tariff threats have roiled asset prices and raised once unthinkable questions about the dollar's place in the global trading system. Korea confirmed last month that it had held currency talks with the US, sending the won higher amid talk that Trump wants a weaker dollar. But White House chief economist Stephen Miran has denied the idea Washington is working on secret deals to depreciate the greenback, saying the US continues to have a strong dollar policy. The greenback has plummeted against major currencies this year, suffering drops of around 10 per cent against the euro and the Swiss franc. Best bets Traders are now trying to game out which currencies have the most to gain from a period of reduced intervention. The Korean won and the Malaysian ringgit are two obvious candidates, since both countries have large trade surpluses, said Gautam Kalani, portfolio manager for BlueBay fixed income, emerging markets, at RBC Global Asset Management. Reduced intervention will speed up the appreciation of these currencies, he said. The Taiwan dollar is also being hotly tipped by strategists. Although Taiwan's central bank is still likely to use intervention to keep volatility in check, most market participants think it will allow the local currency to appreciate further even after hitting multi-year highs. That suggests room to build on what has already been a widespread rally against the dollar: Taiwan's currency has surged 11 per cent against the greenback this year, making it the region's best performer. The Korean won is up almost 8 per cent, while the Malaysian ringgit is around 5 per cent higher. The retreat from intervention isn't unanimous across Asia. Bank Indonesia pushed back against volatility on Thursday as Middle East tensions hit emerging market currencies. The Philippines' central bank has sent mixed messages, calling intervention futile but also saying it might have to do so 'more seriously' if a current slide in the peso continues. The People's Bank of China continues to keep its currency under a tight leash. But for some of emerging Asia's most interventionist central banks, the calculus appears to have shifted in favor of a less hands-on approach. The US Treasury refrained from labeling any country a currency manipulator in its latest foreign-exchange report, released in June. However, it said China, Japan, South Korea, Taiwan, Singapore and Vietnam all met two out of three of its criteria.
