The State Bank of India opened its new offshore unit on the 10th of July at Seepz, with a special offer of cheaper loans to exporters located in Special Economic Zones (SEZs). Loans would also be offered in the form of external commercial borrowings (ECBs) to Indian Companies.

While the new OBU at Seepz is part of SBI's expansion plans that would include 65 offices in 36 countries by March '05, the specific unit is expected to touch $2m in the first year of its operations.

MNCs are increasingly turning their attention to India's edible oil market, and not without reason. India accounts for 10% of the total fats consumed globally and buys nearly 15% of the oils traded worldwide. All this when India's per capita consumption hovers around 10 kg/annum.

Several international players- including USA's, Cargill Foods, Archer Daniel Midlands, ConAgra, and SE Asia's Wilmar Group, Felcra Berhard, Premier Vegetable Oil, Felda Palm Industries, Acalpo Wilmar, and Kuok- have already made huge investments in India. Setting up refineries with capacities of 1,000-tonnes per day, these MNCs are also buying ailing local brands, with a view to gain a quick foothold over the Indian market and establishing a pan-India distribution network.

More lately US Bunge Agribusiness acquired desi Dalda for Rs. 900-million.