Tripura's Agarwood Resources Attract Major Investments from Industry Giants

Correspondent Correspondent
Saturday, August 26, 2023
Tripura's Agarwood Resources Attract Major Investments from Industry Giants

Indian Conglomerates Infuse Rs 1,600 Crore into Thriving Agar Sector in Tripura.

Agartala, August 26, 2023:
Several well-known Indian companies such as Imami, Patanjali, and Dabur have announced their plans to invest a substantial amount of Rs 1,600 crore in the growing Agar sector of Tripura. This move highlights the increasing interest of these major players in the Agarwood resources present in the state.

The Agarwood-rich region of North Tripura district is expected to become a central hub for this ambitious endeavor. A group of 40 investors recently went on a field trip to observe the Agarwood plantations in North Tripura and Unakoti district. Pravin Agarwal, Director of the North Eastern Council (NEC), accompanied them and shared valuable insights about the local production of Agarwood-based products.

During the visit, the investors were introduced to various products derived from Agarwood, including Agarwood itself, chips, and oil. These products are in high demand worldwide. The delegation also explored facilities for manufacturing incense sticks in Kumarghat.

Agarwood is considered a prized natural resource in Tripura, with significant potential in the global market. To harness this potential, the state aims to create a strong economy of Rs 2,000 crore centered around Agarwood-based products. This initiative includes the formulation of an Agarwood policy. The visiting companies are well-equipped with modern machinery and laboratories. Patanjali Group is particularly excited about establishing manufacturing units at the grassroots level. Dr. Bidipa Aria and Dr. Sandeep Kumar from Patanjali expressed their commitment to the Agarwood trade in the state.

In a notable development, the World Bank has also decided to provide financial support for the growth of the Agarwood-based industry in North Tripura district. This infusion of investment and expertise not only promises to strengthen Tripura’s economy but also enhance its position in the global Agarwood market.