AfricaNews business desk with files from Reuters
India's top meal exporter Ruchi Soya Industries is considering shipping out 75 percent more soymeal in fiscal 2010/11 and plans to acquire palm plantations in Africa. "Last year we crushed 1.4 million tonnes of soybean. This year we are planning to crush 2.5 million tones," managing director Dinesh Shahra said.
“Obviously, we will have more meal to export," Shahra told reporters on the sidelines of a conference on Saturday.
India's soymeal exports are expected to rise because of strong demand from Southeast Asia, industry officials say, adding competitive prices and good monsoon rains will boost domestic soybean output after last year's drought.
The company exported 800,000 tonnes of soymeal in 2009/10.
"Demand from Southeast Asia is very strong. Japan, Vietnam will buy from us due to cost advantage. Our meal is $20-$30 per tonne cheaper compared to South American crop," he said in a Reuters report.
The country was likely to export 4 million tonnes of soymeal in the new year from October, sharply higher than 2.8 million tonnes in the current year, he said.
Ruchi Soya, also India's biggest vegetable oils importer, is planning to acquire 150,000 hectares of palm plantation overseas, he said.
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