Bunge seeks palm plantation in Indonesia

Reuters | 02/08/2010

Mumbai, Aug 2 - U.S. agribusiness group Bunge Ltd is actively scouting out for palm plantations in Indonesia and Malaysia to cater to rising demand from Asian economies led by India and China, the head of its Indian unit told Reuters on Monday.

However, the world's biggest soybean crusher has not earmarked the size of the land or investments for this project yet, Adhiraj Sarin, managing director of Bunge India said in an interview.

"We must be in the palm plantation otherwise we will miss palm growth story," he said.

"We want to be pretty big in palm oil. The problem is availability of greenfield land as well as existing players who would be willing to partner. So, the idea is to start with whatever land is available and expand as and when," he added.

Bunge, based in White Plains, New York, is among the world's largest agricultural processors. It has become one of the top sugar and ethanol producers in South America with several recent acquisitions, but has significantly scaled back its fertilizer business there.

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