Rajawali Group said it will spend $200 million for expansion in the plantation sector, especially in oil palm plantations, Asia Pulse reported Tuesday (8/1/08).
The group, which has stakes in various other sectors including hotels, tourist resorts, coal mining, cement manufacturing and transport sectors, will start planting oil palm seedlings over 50,000 hectares of plantations.
The group already has 200,000 hectares of land including 150,000 hectares in Kalimantan and 50,000 hectares in Papua, and of the total only 32,000 hectares have been cultivated, said company director Darjoto Setiawan.
With the new cultivation, the group will have 82,000 hectares of oil palm plantations by the end of 2008, said Setiawan.
He said the company also plans business expansion in the property and mining sectors this year.