Edilble oil company Ruchi Soya on Saturday tied up with Netherlands-based Solidaridad for increasing the palm oil yield in 50,000 acres of land, at an investment of 4.5 million euros (about Rs 32 crore).
The Memorandum of Understanding (MoU) was signed in the presence of Netherlands Prime Minister Mark Rute here.
"The project for increasing the yield will be completed in next 4-5 years and its aim is to by saving at least 1.5 trillion of waters raise India's palm oil production and generate employment in rural areas," Ruchi Soya Managing Director Dinesh Shahra told reporters here.
Shahra added that these 50,000 acres will be on contract farming in five states in the country. Ruchi Soya will invest 55 percent of the total investment, the remaining 45 percent will be invested by its Netherlands partner. Shahara also said that the project will work on principle of 'Make in India' and 'More Crop per Drop'.