FGV sells 1 million oil palm seeds to India

PETALING JAYA: FGV Holdings Bhd is expanding its presence in India’s oil palm seed market, having secured sales for one million oil palm seeds and targeting to sell 1.5 million more by 2021, following India’s growing market demand for premium oil palm seeds.

The seeds sold are FGV’s Yangambi ML161, the number one oil palm planting material with a 43% market share in Malaysia.

The latest buyer is FGV Pre Unique, a joint-venture company between FGV and Pre-Unique Pvt Ltd to penetrate India’s food products market.

FGV Pre Unique also acts as FGV’s vehicle to expand its seeds mark et in the country, mainly in states such as Andhra Pradesh and Telangana.

The JV company has secured an order of one million seeds for its customers since September, four months after it was established.

Group CEO Datuk Haris Fadzilah Hassan said Yangambi ML161 possesses distinct characteristics compared to other varieties.

“It gives a higher percentage of oil extraction and bunch number with medium-sized bunches, making it one of the most preferred seed types in the palm oil industry domestically and internationally.

“I am confident FGV’s venture in India is the right move for FGV’s future business expansions. Apart from India, our Yangambi ML161 also caters to the high demand in Indonesia with 1.5 million seeds sold, Thailand with 0.56 million seeds sold, Papua New Guinea with 0.32 million seeds sold and Sri Lanka with 0.25 million seeds sold to date.

“This proves the superiority and trusted quality of our seed product in the overseas market,” he added.

FGV’s annual seed production amounts to 20 million, and since its release and commercialisation in 2002, FGV has sold 400 million seeds, which is equivalent to about 2 million hectares of planted land.