Driven by food security concerns, about 15 companies, led by the State Trading Corporation (STC), have formed a consortium to engage in corporate farming either in Paraguay or Uruguay. Among other notable firms that have joined the consortium are Gujarat Ambuja, Ruchi Soya Industries and Jhunjhunwala Vanaspati Ltd.
The Indian government is considering a proposal to enable banks and financial institutions to finance acquisition of farm land overseas for cultivation of pulses and oilseeds.
Some of India's top vegetable oil firms plan to lease or buy land in Paraguay, Uruguay and Myanmar to grow oilseeds and lentils as farmland shrinks in the South Asian nation, a top trade official said yesterday.
Contributing their bit to the global Indian takeover, the government and India Inc plan to buy sizeable land abroad for cultivation. Seen as a long-term answer to keep prices of farm products under control, the grand plan envisages acquisition of large tracts of land in neighbouring countries like Myanmar and far off places like Paraguay.
The fund’s strategy is to own and manage funds which operate in largely unsubsidised farming countries and are among the lowest cost producers of their chosen commodity or livestocks.
La firma de IRSA ampliará su capital para llegar a Uruguay, Paraguay y Bolivia
The Solvent Extraction Association, currently visiting South America, will come up with a techno-feasibility report on carrying out contract farming by Indian companies either in Argentina, Paraguay or Uruguay.