Cargill to expand in India with $240m investment

US-based food and agriculture company Cargill has announced plans to invest $240m in India over the next five years.

Set to add to the food safety and economic development of the country, the latest investment will also benefit the food processing and agriculture industries.

Cargill Asia Pacific CEO Peter Van Deursen signed a memorandum of understanding (MoU) with India Ministry of Food Processing Industries at the World Food India Conference in this regard.

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 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.”

Cargill noted that the new investment will be in its core businesses, including edible oil, cocoa and chocolates, starches and sweeteners, as well as animal nutrition in the country.

The investment is expected to provide employment to 1,300 people in India.

Last year, the company inaugurated its first wet corn milling plant in India, which was established with an investment of $100m.

A new dairy feed mill was also inaugurated in the Indian state of Punjab.

Cargill started operations in 1987 in the country and has businesses in refined oils, food ingredients, grain and oilseeds, cotton, animal nutrition, industrial specialities and trade-structured finance.