NEW DELHI: US Food major Cargill on Monday announced that it would invest $240 million (Rs 1,500 crore) into its edible oil and other verticals in India.
At the World Food India conference held here, Cargill Asia Pacific’s chief executive officer Peter van Deursen inked a memorandum of understanding (MoU) with the Ministry of Food Processing Industries in the presence of Minister of Food Processing Industries Harsimrat Kaur Badal. Cargill currently sells edible oil and wheat flour under the Nature Fresh brand.
“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,” said van Deursen, adding that the investment would provide employment to 1,300 people and help farmers in the country.
The added investment will be in Cargill’s core businesses including, edible oil, cocoa and chocolates, starches and sweeteners and animal nutrition in India.
Cargill has already made recent investments in its Indian businesses. Last year, it inaugurated its first wet corn milling plant in India, set up with an investment of $100 million. It also inaugurated a new dairy feed mill in Bathinda, Punjab, and also opened its largest business services centre in Bengaluru in 2015 employing around 2,000 people.
Currently, the company has an overall employee count around 3,500, working across offices and plants and a network of offices, warehouses, and depots. Firms which have signed MoUs for additional investment in the food sector include ITC, Patanjali, Pepsico, and Coca-Cola.