The facility, subject to finalisation and completion, will be used to fund the first phase of the Brunei expansion and pivot to BG 2.0
Barramundi Group Ltd announced that its Brunei operations have secured a facility offer of BND 15 million from a Bruneian financial institution.
The facility, subject to finalisation and completion, will be used to fund the first phase of the Brunei expansion and pivot to BG 2.0. The financing allows us to execute the 2 key components of this first phase:
The construction of a RAS Broodstock and Hatchery centre, complementing the existing RAS Nursery operations; and immediate deployment of sea cages at our existing sea lease, Pelong Rocks. This deployment is slated for mid-2024.
With the new broodstock and hatchery facility, the Brunei operations will be able to capitalise on the genetic nucleus from our Singapore broodstock – naturally bred and selected over 20 years – to spawn and culture fry and fingerling within Brunei. The capacity of this facility will allow Brunei to be sufficient not only for the Phase 1 Pelong Rocks grow-out cages, with an annual capacity of 1,000 tonnes but also for Phase 2 requirements of the planned 3,000 tonne land-based RAS facility.
The immediate deployment of Pelong Rocks will help to smoothen the gap in production and revenues, but also provide the Group with an opportunity to re-enter the China market – one of our largest and key markets, previously unreachable with a Singapore-grown product.
Securing this initial funding, in the present economic climate, and following the many difficulties the Group has faced in recent years, is encouraging. We now focus on the work ahead to establish the funding requirements of Phase 2 of BG 2.0 and the Group.
The aim of this festival is to raise awareness and create a market for millets and millets-based products among the ASEAN Member states
The Indian Mission to ASEAN in collaboration with the Ministry of Agriculture and Farmers’ Welfare is organising the ASEAN-India Millet Festival 2023, in Indonesia. The inaugural session of the festival took place in the Kota Kasablanka Mall, a prominent shopping destination in South Jakarta, Indonesia. A Millet-centric exhibition is being held as part of the festival featuring participation from Millet-based FPOs, start-ups and Indian chefs.
Aligned with the International Year of Millets (IYM) celebrations, an aim of this festival is to raise awareness and create a market for millets and millets-based products among the ASEAN Member states i.e. Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. During the festival, the Department of Agriculture and Farmers’ Welfare is leading a delegation from India, representing a diverse set of professionals engaged in the Indian millet ecosystem, including chefs, start-ups, representatives from Farmer Producer Organisations (FPOs), industry leaders, state officials and more.
Additional Secretary at DA&FW and Head of the Indian Delegation Dr Maninder Kaur Dwivedi provided valuable insights into millet cultivation, processing and the business potential of these ancient grains. Joint Secretary (Crops) at DA&FW Shubha Thakur showcased India’s leading role in celebrating the International Year of Millets 2023 and the Indian government’s initiatives to encourage the adoption of millets through a captivating video, setting the stage for insightful panel discussions. Additionally, Deputy Head of BPN Dr Andriko Noto Susanto further highlighted the remarkable prospects of millet cultivation and its role in diversifying the South Asian food basket.
The exhibition aims to foster collaboration between ASEAN countries, celebrate cultural and culinary diversity and promote sustainable millet practices for a healthier future. The exhibition will also feature five Indian FPOs, namely Citi Block FPC, Jewargi Taluka Millets FPC, Bhumitrajalalpur, Vaam Agro, and Lambasingi Tribal Products FPC, and two start-ups namely Taru Naturals and Sattva Millets and Food Products (Mibbles) exhibiting unique millet-added products such as millet cookies, namkeen, khakhra, cakes, and more.
Bangladesh imported meat from 14 countries, with India being the largest source
The India-Bangladesh Chamber of Commerce and Industry (IBCCI) has requested the government to allow buffalo meat import from India to meet the growing demand of the country, according to the local media.
Abdul Matlub Ahmad, IBCCI President has recently requested authorisation from the commerce ministry for the importation of frozen halal meat. In a letter, he stated that some members of the organisation are interested in importing the meat from India and have already applied for permission from the Directorate of Livestock under Section 23(33) of the Import Policy Order 2021-2024. Ahmad explained that the demand for meat products in Bangladesh has been rising steadily due to population growth and changing dietary preferences. He also noted that India has a reputable meat industry that adheres to international standards of halal food, hygiene, safety, and quality control. The chamber estimates that importing frozen halal boneless buffalo meat from India could result in a lower selling price of Tk 500-550 per kg compared to the current cost of local fresh meat at Tk 800-850 per kg.
According to the Import Policy-2021-24 notification that was issued in April 2022 by the commerce ministry, prior approval has to be taken from the Department of Livestock for the import of meat including frozen buffalo (bovine) meat, said an earlier letter sent by the Indian High Commission in Dhaka.
The country produced over 8.71 million tonnes of meat in the FY 2022-23 against an annual demand of nearly 7.6 million tonnes, according to the Department of Livestock Services (DLS).
According to a Bangladesh Garment Manufacturers and Exporters Association (BGMEA) concept paper, meat import increased four times in five years – from US$ 0.72 million in FY 2013-14 to nearly US$ 2.5 million in FY 2017-18.
Bangladesh imported meat from 14 countries, with India being the largest source.
Other countries included Ethiopia, France, Korea, Thailand, China, the United Arab Emirates (UAE), the USA, Pakistan, Malaysia, Singapore and Indonesia.
According to reports from the Directorate General of Foreign Trade (DGFT), exports of 143,000 tonnes of non-basmati white rice have been permitted to Bhutan, Mauritius, and Singapore
India has exempted Singapore from the ban on rice exports due to their close strategic partnership, according to the Union Ministry of External Affairs.
According to reports from the Directorate General of Foreign Trade (DGFT), exports of 143,000 tonnes of non-basmati white rice have been permitted to Bhutan, Mauritius, and Singapore. This adds two more countries to the exemption list. The breakdown is as follows: 79,000 tonnes to Bhutan, 14,000 tonnes to Mauritius, and 50,000 tonnes to Singapore.
Reports indicate that more than 40 nations rely on India for more than half of their rice imports. Countries in certain regions of Africa and South Asia import over 80% of their rice from India.
This is the first exemption to the rice export ban announced by the MEA..
Singapore is one of India’s closest allies in Southeast Asia, with trade ties that exceed $30 billion.
Singapore maintains strong ties with China, its largest investor and trade partner.
According to Singapore, the ban on rice imports from India only affects non-basmati rice, which accounts for 17 per cent of the total rice imports
The Singapore Food Agency (SFA) is in talks with Indian authorities to obtain an exemption from the ban on exporting non-basmati white rice.
In a statement to the media, the SFA announced that their Rice Stockpile Scheme has ensured a stable supply of rice and there is enough for everyone as long as they purchase what they need.
Importers under the Rice Stockpile Scheme must keep inventory equal to double their monthly imports to ensure sufficient rice supply in the market
The statement said that they regularly review inventory buffers and are willing to work closely with the industry to make any necessary adjustments.
According to Singapore, the ban on rice imports from India only affects non-basmati rice, which accounts for 17 per cent of the total rice imports.
The Singapore Government acknowledges that while supply disruptions may occur, they will take measures to minimize the impact on food supply.
The agency encourages consumers to switch to other types of rice or sources of carbohydrates in case of disruption.
Rivulis will finance the acquisition with additional investment from Temasek as well as newly issued shares to Jain India.
Singapore based Rivulis Pte. Ltd. has announced that it has received full regulatory approval for the acquisition of multiple overseas subsidiaries which comprise the International Irrigation Business (“IIB”) of Jain Irrigation. With this acquisition, Rivulis will lead the mass adoption of modern irrigation solutions and digital farming by growers and business partners to create an irrigation and climate leader globally. The acquisition has been finalized after all government authorizations and the precedent conditions required by the Share Purchase Agreement have been obtained and completed. Rivulis will finance the acquisition with additional investment from Temasek as well as newly issued shares to Jain India; In addition, debt issuances of Jain USA and NaanDanJain will be refinanced immediately post-Closing through a syndicated facility signed with leading banks including HSBC, Rabobank, State Bank of India, ING, Bank Leumi and the First International Bank of Israel.
Richard Klapholz, Rivulis CEO, commented: “As mentioned during the deal announcement last June, we are thrilled to have both companies join forces to build a long-lasting, purpose-led company, spearheading the transformation of agriculture through its focus on accessibility, innovation and sustainability. Since then, the employees of all companies have worked hard to jointly plan for this day, when we all become one company. Together, we will benefit from significant operational economies of scale and far reaching in-the-field presence, enabling us to be close to growers and business partners. We will also benefit from the most comprehensive micro irrigation and digital farming offering and most importantly from a fully committed, diverse employee base. I, wholeheartedly, welcome the Jain USA, AVI, IDC and global NaanDanJain teams and am certain that, as one company, we will become a formidable force as we establish ourselves as a global irrigation and climate leader. Water-efficient, environmentally sustainable technologies, such as micro irrigation, are needed to holistically address the global food and water security challenges. Together with our two shareholders, Temasek and Jain Irrigation, Rivulis’ next chapter will be an exciting one as we realize our GROW BEYOND mission to help growers achieve sustainable livelihoods and to become a global sustainability champion.”
As per MoU IFFCO will supply & distribute IFFCO Nano Urea, Sagarika WSF, Biofertilisers and other products in Malaysia.
The fertiliser cooperative major, Indian Farmers Fertiliser Cooperative Limited (IFFCO) has signed an MoU with Singapore-based Bind Resources PTE for supplying and distributing the latter with Nano Urea and other products. On behalf of IFFCO, Yogendra Kumar, Marketing Director whereas on behalf of Bind Resources PTE Vivudh Rawal signed the MoU.
The MoU was signed at the IFFCO headquarters. Dr U S Awasthi, Managing Director & CEO, IFFCO, mentioned in his tweet, “In yet another development IFFCO signed an MoU with Bind Resources PTE Ltd, Bind Pte Singapore to supply and distribute IFFCO Nano Urea, Sagarika WSF, Biofertilizers and other products in Malaysia.
The new €40 million site will serve as a hub for the region, and support the needs of over 20 million hectares of farmland in Asia Pacific.
BASF inaugurated a new regional production site for its Agricultural Solutions business. The €40 million multipurpose facility has been designed to initially handle six different formulation technologies and will enable BASF to supply crop protection products to farmers across Asia Pacific from a strategic location in the region. The site has initial production capacity of 7,000 kl per year – enough to supply over 20 million hectares of farmland – and employs a staff of over 30 technicians and professionals. The site represents an important investment by BASF in Singapore, which now has four production facilities in the republic.
BASF has recently launched several new innovations in Asia Pacific targeted at helping farmers of key crops – including rice and fruits & vegetables – combat pests and boost yields in a more sustainable manner. These include crop protection products based on the company’s new active ingredients Inscalis® , and Revysol® – patented innovations which help farmers control insects and diseases in crops. Products featuring these two active ingredients – as well as several soon-to-be launched products from the company’s innovation pipeline – will be produced at the new site.
From BASF, the site was inaugurated by Simone Barg, Senior Vice President Agricultural Solutions Asia Pacific and Dr. Carola Richter, President Asia Pacific (excl. China). They were joined by Ow Kai Onn, Vice President & Head of Chemicals & Materials from the Singapore Economic Development Board (EDB) and Loh Yew Pong, Deputy Director Energy & Chemicals Cluster, Jurong Town Corporation (JTC).
Speaking at the inauguration, Kai Onn shared how EDB and other Singapore government agencies are working together with companies like BASF to foster the growth of the agricultural sector for the benefit of both Singapore and the entire region. “EDB is delighted to be at the inauguration of BASF’s new Agricultural Solutions regional production site. Through job roles such as process technicians, engineers, production planners and quality assurance chemists, this facility gives Singaporeans and residents opportunities to participate in the global agri-food value chain and contribute to safe, nutritious and affordable crops in our region.
This facility was constructed under a challenging environment in the midst of a global pandemic. Its successful unveiling today reflects Singapore’s commitment to being a stable investment destination, a reliable manufacturing hub for specialty chemicals and a strategic location for companies to build a more responsive and resilient supply chain for their customers in Asia.”
Total Income higher by 141%, driven by volume and price growth, with refinery and distillery segments being the major contributors.
Shree Renuka Sugars Limited – one of India’s largest sugar and green energy (ethanol and renewable power) producers and a subsidiary of Wilmar Sugar Holdings Pte Ltd, Singapore – has reported its financial performance for the quarter ended June 30, 2022.
Highlights of the results for the quarter are summarized below.
Total income up by 141 per cent over the previous year from Rs 8,067 Mn to Rs 19,401 million.
The company posted strong Q1 performance driven by double digit volume growth and higher margins across all its business segments compared to a year ago.
Growth was led by 1) Refinery (175 per cent) & Distillery (89 per cent), 2) Consumer pack sales grew by 4%. Realization remained robust and improved by 5 per cent.
Distillery had a record production of 4.62 crore litres despite being off season due to availability of stored molasses, compared to 1.84 crore litres produced in the previous year.
Atul Chaturvedi, Executive Chairman said, “This quarter’s results must be seen in the light of soaring global inflation, high interest rates, high crude prices and weakening currency. Commodity markets remain very volatile, compelling Government to resort to export restrictions. Our total income for the quarter has increased by 141 per cent over the previous year. Revenues have grown significantly across all segments with better sales realization.
With the onset of good monsoon in the country, we anticipate better sugarcane availability in the upcoming season (October-September) also. Besides improving the balance sheet and cash flows of sugar mills, higher ethanol sales has ensured timely payment of cane dues to farmers and balance out sugar inventories. We remain very optimistic in the financial performance and overall growth of our Company.”
Sunil Ranka, Chief Financial Officer said, “Shree Renuka Sugars has delivered a strong financial performance in the first quarter with a gross profit growth of about 311 per cent and EBITDA growth of 359 per cent. High volumes and margins propped up EBITDA up to Rs 1,102 Mn from negative Rs 425 Mn in the previous year.
Ethanol blending program has been a game changer for the sugar sector and this has de-risked the seasonal and cyclical nature of business. Good monsoon, strong sugarcane planting and government policies will keep Renuka on the growth path.”
Supporting Singapore’s food resilience and sustainability drive, “The Greenhouse” features various agricultural systems to optimise plant growth by applying data analytics
Singapore’s, Republic Polytechnic (RP), launched “The Greenhouse”, a facility spanning 650m2 dedicated to academic and research studies. With this, RP becomes the first Institute in Singapore for Higher Learning (IHL) to have a facility to monitor and analyse plant growth under naturally ventilated, climate-controlled conditions. This will provide first-hand real-world experiences for over 700 Pre-Employment Training (PET) and Continuing Education and Training (CET) candidates as part of their annual agriculture-related curriculum.
Dr Mohamad Maliki Bin Osman, Minister, Prime Minister’s Office, Second Minister for Education and Foreign Affairs officiated the opening of the facility on 3 August 2022.
Explaining the significance of the new facility, Mr. Yeo Li Pheow, Principal/CEO, Republic Polytechnic said, “Developing self-sufficiency and a resilient food supply chain will help Singapore cushion against external food disruptions. As we mark our 20th-anniversary milestone this year, we are pleased to announce the launch of The Greenhouse. This facility will further deepen RP’s engagements and expertise in the agritech space and nurture a pipeline of industry-ready talent. This new facility will also serve to strengthen cross-industry collaborations and accelerate the development of new technologies for the sector.”
The facility consists of a core building comprising a naturally-ventilated greenhouse, a climate-controlled glasshouse, and two stories of laboratories within containers that allow for the precise control of the growing microclimates. It also houses different types of agricultural systems, together with remote and smart monitoring systems for the collection of critical physiological and environmental data. In line with the nation’s sustainability drive, sustainable building elements such as the installation of integrated photovoltaics (BIPV) on the roof, and a water treatment system have been integrated into the construction of the facility. These elements help to reduce the environmental footprint of the facility.
New facility features multiple advanced agricultural systems
The Greenhouse also features industry-standard cultivation systems, designed to accommodate the growth cycle of plants and facilitate the smooth supply of nutrients. For example, the Bato bucket system provides larger space for root growth while the growbag system supports the use of different substrates. Utilising the vertical space, multi-tier tray-based systems and the A-frame nutrient film technique systems enable the growth of more plants within a small physical area. Besides growing plants, the facility also adopts the principles of circular economy, where unconsumed plant parts can be upcycled through black soldier fly into fertiliser, along with plants and fishes in an integrated aquaponics, system.
The facility’s advanced agricultural systems will support a range of student and staff research, consultancy, and industrial projects in the fields of agriculture and plant science. These projects include the optimisation of plant growth, plant genetics, and the cultivating of superior crop varieties, Internet-of-Things (IoT) enabled and machine learning solutions for smart farming, as well as bio-based solutions for the prevention of plant diseases. It will also help bring together established industry partners, such as Sembcorp Industries and Ripe Fresh, to collectively drive the institution’s initiatives in urban agriculture, plant science as well as sustainable energy and water solutions. Students will have the opportunity to acquire first-hand experience in on-farm operation, plant genetics, crop physiology, and breeding principles that will help prepare them for a career in the agritech sector.
The merged company will be called Rivulis (In alliance with Jain International), and will be led by current Rivulis CEO Richard Klapholz, with dual headquarters in Singapore and Israel
Rivulis Pte. Ltd. and Jain Irrigation Systems Limited had announced that they have entered into definitive transaction agreements pursuant to which Rivulis will acquire multiple overseas subsidiaries which consist of the International Irrigation Business (“IIB”) of Jain Irrigation. The transaction consideration is a combination of cash and stock. Jain Irrigation will receive stock comprising 22 per cent interest in Rivulis, the holding company of the enlarged group (the “Company”), and cash for the financing of debt issuances of the IIB and of bonds issued by Jain International Trading B.V. (the “Transaction”), to create a climate and irrigation leader globally. Temasek, a global investment company headquartered in Singapore, will become the majority shareholder of the Company with a 78 per cent stake. The transaction is subject to required regulatory approvals and other customary closing conditions.
The Company will lead the mass adoption of modern irrigation solutions and digital farming by growers and business partners globally through its focus on accessibility, innovation, and sustainability.
The Company will be dual headquartered in Singapore and Israel and will continue to be named Rivulis Pte. Ltd. For the purposes of corporate branding, the company will be represented as “Rivulis (In alliance with Jain International)”. Richard Klapholz, the current Rivulis CEO, will continue to lead the Company. Top senior associates from the IIB are expected to continue in leadership roles across the Company. Jain Irrigation will also be a supplier of irrigation products made in India to the Company for its international markets outside of India.
Anil Jain, Managing Director of Jain Irrigation, commented, “ We anticipate that the merger with Rivulis will create a world leading player ideally placed to serve its global customer base thanks to its geographic footprint, breadth of offering as well as from technological depth and expertise in micro irrigation. This will enable us all to address climate change and food security challenges with sustainable solutions and implement the critical knowledge transfer for water efficiency and productivity for growers. The combined entity will have a truly global presence in all relevant irrigation markets, enabling strategic growth and innovation that will further Jain Irrigation’s broad vision of reaching more small and large growers by creating shared value.”
Richard Klapholz, Rivulis CEO, added: “We are thrilled to have both companies join forces to better serve the growing needs of irrigation markets around the world. While benefitting from significant operational economies of scale and a dedicated, diverse employee base, we will ensure that all commitments to our grower community and to our combined business partners are maintained and further strengthened. Our goal is to ensure that all our customers will continue to be successful and benefit from a broader offering, leading industry brands, expanded manufacturing base and the support of leading irrigation services businesses. Rivulis, before the merger, represented the combination of four companies, and through this merger, several more companies from Jain Irrigation’s portfolio will be added, cementing our role as a market consolidator and leader across the globe and creating a single company with a much stronger financial foundation.”
The new facility will help Shiok Meats scale-up production of cell-based crustacean meat products
Black & Veatch has recently collaborated with Shiok Meats for the conceptual design and layout of their first-of-a-kind advanced R&D facility for cultivated seafood, officially opened by Singapore’s Minister for Sustainability and the Environment, Grace Fu in November 2021.
The new facility will help Shiok Meats, the world’s first cultivated crustacean company, scale-up production of cell-based crustacean meat products, targeting commercialisation by 2023.
“Building the Mini Plant is a big milestone for us. Our production facility, which is due in the next 18 months, will be an extension of this Mini Plant in terms of engineering design and foundation. This new facility allows us to scale the cultivated seafood production gradually and strategically to ensure a comprehensive manufacturing model and top-notch products,” said Dr Sandhya Sriram, Group CEO & Co-founder, Shiok Meats.
David Ziskind, Director of Engineering at Black & Veatch NextGen Ag, commented, “Innovation and sustainability are core to our engineering and construction solutions as we help companies bridge the gap between science, research and development, engineering, and commercialisation to bring new food products to market, at scale. We’re excited to support Shiok Meats in their scale-up efforts to create better and more sustainable food by leveraging biotechnology to enhance global food security.”
