State-owned trading firm State Trading Corporation, STC, has invited bids to import 6,000 tonnes of Palmolein oil for sale in the domestic market. The bids will close on Thursday and a decision on awarding the contract would be taken on the same day. STC said on its website, the consignment is to be delivered at the Mumbai port and the import of palmolein should be from either Indonesia or Malaysia or both of them.Finance Minister Pranab Mukherjee, while the presenting the Union Budget 2011-12 had proposed an allocation of 300 crore rupees to bring 60,000 hectares land under palm plantation so as to increase palm oil production by about 3 lakh tonnes annually in five years. India is one of the world's largest importers of edible oil. Domestic production of edible oil meets only about 50 per cent of the demand. The gap is met through imports.