Fintera Global Plantations enters into JV with United Paulownia Platations
From Left: Mr Syed Abid (Head, Marketing of Finterra Global Plantations), Mr Satesh Khemlani (CEO Finterra Global Plantations), Mr EL Law (Founder of Gain Green) & Mr Hamid Rashid (Founder of Finterra).
KUALA LUMPUR, Aug 18 (Bernama) — Finterra Global Plantations’ joint venture with United Paulownia Plantation Sdn Bhd (UPP) will see the plantation of more than 150,000 Paulownia trees over the next 6 months on 500 acres of land in Kedah.
UPP is a subsidiary company of Green Afforestation International Network (Gain Green) and the JV is to focus on sustainable afforestation.
The announcement was made by Finterra Global Plantation’s CEO, Satesh Khemlani, who says, “ Gain Green after years of R&D, has come up with a Paulownia selected variety which has the ability to grow in tropical climates and be ready for harvest in a short period of just 40 months”.
In doing so, “with the joint venture project with UPP, we will be able to meet the demands of the timber industry since the wood has been developed not only to grow fast but to have characteristics and features that are highly desirable to the timber industry both locally and internationally”.
In the first phase, Finterra Global Plantations together with UPP, will be planting the Paulownia tree on 500 acres and this will be scaled up to 5000 acres by 2022.
Paulownia timber wood
The Paulownia timber wood is a light, yet hardwood with numerous applications and is used for plywood, furniture, decking, doors, wood shavings and many other uses.
It is able to absorb ten times more carbon dioxide while also producing ten times more oxygen as compared to other trees.
In this way, Finterra Global Plantation together with UPP will also contribute to reducing carbon footprint and do their part in helping the government’s initiative of planting one million trees in the next ten years.
Finterra will be playing a strong part in accelerating afforestation of sites which lay barren or are deforested with the quick-growing Paulownia species and will be supporting the UN Sustainable Development Goals for the environment.
This project will bring Finterra’s Waqf asset development knowhow to large scale sustainable land development with impact investing.
The venture marks a new beginning for Finterra, which has its eyes set on sustainable yet profitable green ventures.
Finterra is evolving and looking at other sustainable development projects which benefit the environment.CEO, Satesh Khemlani
This new area will be an addition to its current business which is providing a blockchain-based technology solution for crowdfunding, transparency, and traceability.
Finterra will be utilizing the blockchain to monitor the development of its plantations.