09/10/2007 (The Hindu), New Delhi - Government-owned trading firm MMTC has invited bids for import of 21,000 tonnes of edible oil to meet the rising demand during the festive season.
MMTC plans to import 18,000 tonnes of crude palm oil and 3,000 tonnes of RBD palmolein this month. The bids, which will close on Wednesday, must be in lots of 2,500 tonnes or in multiples of 500 tonnes, the company said adding the oil should be of Malaysian or Indonesian origin.
The government had asked state-run firms like STC Ltd, MMTC and PEC Ltd to step up edible oil purchases to meet the surging demand in the festive season between August and November and to keep a lid on prices.
Out of 18,000 tonnes of crude palm oil, 9,000 tonnes will be for discharge in the western port of Kandla, 3,000 tonnes in the southern port of Chennai, another 3,000 tonnes in Kolkata or Haldia and the rest 3,000 tonnes will be at Kochi or Beylpore.
The 3,000 tonnes of RBD palmolein will be for discharge in the port of Mumbai, it said.
India, one of the world's leading oils buyers, imports palm oils from Malaysia and Indonesia and soy oils from Argentina and Brazil. It buys around 50 per cent of its annual 11 million tonnes of consumption.
The country is expected to buy 6 million tonnes of edible oils by October 2008, industry officials said.