HISTORY

Corporate Evolution:

In 1991, EcoFirst Consolidated Bhd, a listed company in Malaysia was invited by Indian Tobacco Company Limited (ITC) of India to conduct feasibility studies on the cultivation of oil palm on a commercial scale in India. Following several visits by EcoFirst experts, EcoFirst was convinced of its viability and in 1993, EcoFirst signed a Joint Venture Agreement with one of ITC’s subsidiary i.e. ITC Agro-Tech Limited, Pica (Malaysia) Corporation and Mr. C.N Balu to incorporate a joint venture company called PalmTech India Limited (PalmTech) to develop an integrated oil palm project in India.

Palm Tech India Ltd. (PTIL), was incorporated on 6 April 1993 by ITC Agro-Tech, a subsidiary of India Tobacco Company Ltd. (ITC) under the Companies Act, 1956 in India for the provision of agricultural advisory service to promote and develop oil palm as well as the processing and marketing of oil palm products such as crude palm oil (CPO) and palm kernel (PK) in India.

In 1998, the Company’s management was taken over by EcoFirst and its associates with an acquisition of 94.77% share in PalmTech from ITC Agro-Tech.

The Company was registered under the Company Number (01-15579 of 1993-94) and the date of commencement certificate issued by the Registrar of Companies, Andhra Pradesh was obtained on 26 April 1993.

The present Registered Office address of the Company is 5-1-61, 1st Floor, Rama Rao Peta, Kakinada - 533 001, Andhra Pradesh.