STC floats bids to import 6,000 tonne of palmolein

State-owned trading firm STC has invited bids to import 6,000 tonne of RBD Palmolein for sale in the domestic market.

The bids will close on March 10 and a decision on awarding the contract would be taken on the same day, STC said on its website.

The consignment is to be delivered at the Mumbai port and the import of palmolein should be from Indonesia and/or Malaysia, it added.

RBD palmolein is refined, bleached and deodorised form of palm oil, which is extracted after crushing palm fruit.

Finance Minister Pranab Mukherjee, while presenting the Union Budget 2011-12 had proposed an allocation of Rs 300 crore to bring 60,000 hectares land under palm plantation so as to increase palm oil production by about 3 lakh tonne annually in five years.

India is one of the world's largest importer of edible oil. The country imports palm oil from Indonesia and Malaysia.

Domestic production of edible oil meets only about 50% of the demand. The gap is met through imports.