Ruchi Soya jumps 8% MoU with Arunachal

Ruchi Soya on Thursday signed a memorandum of understanding (MoU) with the government of Arunachal Pradesh to produce palm oil in the state. 

Shares of the company jumped over 8% and touched a new high of Rs 24.55 per share on BSE Sensex. 

Under the MOU, the company will promote and encourage development of oil palm in 25,000 hectares in zone IV comprising of 4 districts of the state namely - West Siang, East Kamang, Lower Subansri and Papumpare.

With this agreement, Ruchi Soya now has obtained permission for oil palm development in 45,000 hectares, covering 5 districts in the state of Arunachal Pradesh.

Dinesh Shahra, Founder & Managing Director, Ruchi Soya Industries said, "In line with the Hon'ble Prime Minister Narendra Modi's vision of doubling farmers' incomes by 2022 such collaboration is a stepping stone towards achieving this."