The National Development Corp. (NDC) and Naval Bharat Pte Ltd. of Singapore signed a US$111 million joint venture agreement to build an oil palm farm and processing plant. Under the agreement the NDC will have a 20% stake in the venture and Naval Bharat will have an 80% stake. The project will encompass an 8,000 hectare oil palm farm with an outgrower scheme, a 2,000 hectare center to support the outgrowers, and the establishment of a palm oil extraction and refining plant.
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