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Tuesday, Apr 21, 2009

India's KS Oils sets up international HQ in Singapore

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Indian edible oils firm KS Oils is setting up an international headquarters in Singapore, as part of its plans to meet growing demand.

KS Oils says India exports as much as US $150 million worth of edible oil products, part of which could flow through Singapore.

Managing Director Sanjay Argawal says the firm is targeting its Singapore office to see revenues of 1 billion US dollars a year by 2014.

"We are the major edible oil company in India, we are starting our international head quarters from Singapore from there we will do our oil plantation of Malaysia and Indonesia from the Singapore headquarter, all money will be routed through this company in Singapore KSNR. We will do our trading operations from Singapore. Trading operations both ways - import and export."

KS Oils is also planning to invest a total of US $75 million in palm oil plantations in Indonesia and Malaysia.

The firm plans to buy more plantation land in South-east Asia in the next few years, in order to secure supplies and reduce dependence on imported raw material.

Although KS Oil could not disclose how much it would be investing to set up headquarters in Singapore, it did say that it would be hiring between 30 and 40 staff for the office.