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Transesterification: It is the process of exchanging the organic group R″ of an ester with the organic group R′ of an alcohol. These reactions are often catalyzed by the addition of an acid or base catalyst.
Saponification: Saponification is a process that involves conversion of fat, oil or lipid into soap and alcohol by the action of heat in the presence of aqueous alkali. Soaps are salts of fatty acids and fatty acids are monocarboxylic acids that have long carbon chains e.g. sodium palmitate.