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Cargill, a leading food and agriculture company, announced that it is investing US$ 240 million (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 Cargill statement said.
The announcement was made by Peter Van Deursen, Chief Executive Officer, Cargill Asia Pacific at a signing ceremony of a Memorandum of Understanding (MOU) with Ministry of Food Processing Industries, Government of India in the presence of Union Minister for Food Processing Industries, 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 organising an event of 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 service centre in Bengaluru in 2015, employing around 2,000 people.
Cargill provides food, agriculture, financial and industrial products and services to the world. In India, the food company started operations in 1987. It has businesses in refined oils, food ingredients, grain and oilseeds, cotton, animal nutrition, industrial specialties and trade structured finance. Cargill in India market leading consumer brands of edible oils such as Nature Fresh, Gemini, Sweekar, Leonardo Olive Oil, Rath and Sunflower brand of hydrogenated fats. It also markets wheat flour under the Nature Fresh brand name. The animal nutrition business of Cargill provides animal feed and premix and nutrition for aqua, dairy and poultry. It markets animal feed and premix under the brands such as Provimi, Purina, Citura and Cargill. The Cargill's grains and oilseeds crush business originates grains and oilseeds at 200 locations.