Cargill to invest USUSD 240m in India over the next 5 years
(7 months ago)
NEW DELHI: Cargill, a leading food and agriculture company, announced today that it is investing USUSD 240m (equivalent to Rs. 1500 crores) in India over the next 5 years. These new investments will add to the food safety and economic development of the country and benefit the food processing and agriculture industries.
The announcement was made at the World Food India Conference by Peter Van Deursen, Chief Executive Officer, Cargill Asia Pacific at a signing ceremony of a Memorandum of Understanding (MOU) with India Ministry of Food Processing Industries in the presence of Honorable Union Minister of Food Processing Industries, Smt. Harsimrat Kaur Badal.
The added investment will be in Cargill's core businesses including, edible oil, cocoa and chocolates, starches and sweeteners and animal nutrition in India. In addition, it will provide employment to 1,300 people and help farmers in the country.
Van Deursen, said, "India is an important market for us and this increased investment demonstrates our commitment to the country and the development of its agriculture and food processing industry. With the growing population and changing consumer trends, Cargill is committed to nourishing the people of India in a safe, sustainable and responsible manner. The Ministry for Food Processing Industries is to be complimented for organizing an event the scale of World Food India as it lets us collaborate with partners in the public and private sectors to deliver to our customers what consumers want."
Last year, Cargill inaugurated its first wet corn milling plant in India; set up with an investment of US$100 million. The company also inaugurated a new dairy feed mill in Bathinda, Punjab. Cargill also opened its largest business services centre in Bengaluru in 2015 employing around 2,000 people.