Cooking Oil Refiners Seek Levies as Plants Idle: Corporate India
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Cooking oil refiners in India are seeking higher tariffs to curb cheaper imports that have eroded margins of companies in the world’s second-largest consumer of the commodity.
India must increase the levy to 12.5 percent from 7.5 percent, Atul Chaturvedi, chief executive officer at Adani Wilmar Ltd., said in an interview. Overseas purchases of refined, bleached and deodorized palm olein surged 36 percent to a record in the 10 months to August as a drop in palm prices in Malaysia made it lucrative to import processed products.