26/04/2012 (Mydigitalfc.com) - Mumbai-based, consumer goods major, Hindustan Unilever (HUL) plans to set up a palm oil unit with an investment of €100 million in Indonesia.

The proposed investment will help company achieve its target of sourcing 100 per cent palm oil from sustainable means. “We had announced that by this yearend, 100 per cent palm oil needs would be sourced from sustainable means. To help achieve this, we are in advanced stage of discussions with Indonesian government for investing 100 million euros in large processing plant for palm oil derivates in Sumatra,” Nitin Paranjpe, CEO and managing director, HUL said.

The company is in the process of acquiring 64 per cent of its palm oil needs from sustainable sources. At present, nearly a third of households in the world are using HUL laundry products, Paranjpe said at the launch of Unilever Sustainable Living Plan progress report 2011.

Speaking on the occasion, corporate affairs minister Veerappa Moily said, “As the country will grow to $87.5 trillion in PPP terms by 2050, it has become more imperative for corporates to step up awareness to have sustainable living for equitable growth.”

Moily also said Companies Bill 2011 is likely to be taken up in the on-going budget session of Parliament. Hindustan Unilever on its part is aiming to halve the greenhouse gas impact of its products by 2020. The company is also targeting to provide safe drinking water to over 500 billion people worldwide through its Pureit water purifier.