Global food major Cargill has announced that it will invest approximately Rs 1,500 crore in India over the next five years in edible oil and its other businesses, according to a PTI report. Cargill India sells edible oil and wheat flour under Nature Fresh brand.
“Cargill, a leading food and agriculture company, announced today that it is investing US $240 million (equivalent to Rs 1,500 crore) in India over the next 5 years,” a company statement said.
The announcement was made at the World Food India conference by Cargill Asia Pacific Chief Executive Officer Peter Van Deursen at a MoU signing ceremony in the presence of Food Processing Minister 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,” the statement said.
In addition, this investment would provide employment to 1,300 people and help farmers in the country.
Van Deursen was quoted by news agency PTI as saying, “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.”
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.
Globally, Cargill provides food, agriculture, financial and industrial products and services to the world.
Cargill India, which started operations in 1987, sells edible oils under leading consumer brands such as Nature Fresh, Gemini, Sweekar, Leonardo Olive Oil, Rath and Sunflower brand of hydrogenated fats.
Overall, the company employs more than 3,500 employees working across offices and plants and a network of offices, warehouses and depots.