22/01/2013 (Dow Jones Newswires) - Wilmar International Ltd. (F34.SG) and Noble Group Ltd. (N21.SG) Friday announced a joint venture that will produce palm oil and its by-products in Indonesia.

In a joint news release, the companies said Wilmar's subsidiary Newbloom Pte Ltd. will hold a 53.74% equity stake in the venture while Noble unit Noble Plantations Pte. Ltd. will own a 46.27% stake.

The joint venture vehicle holds a majority interest in PT Henrison Inti Persada, which owns 22,593 hectares of land in Papua, Indonesia. The firm intends to develop this land for production of crude palm oil and its by-products.

Financial details and a time frame for the joint venture were not provided.