Cargill announced this week that it is investing $240 million in India over the next five 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 company said.
The announcement was made during the World Food India Conference by Peter Van Deursen, chief executive officer of Cargill Asia Pacific, at a signing ceremony of a memorandum of understanding (MOU) with India Ministry of Food Processing Industries in the presence of Smt. Harsimrat Kaur Badal, the honorable union minister of food processing industries.
The added investment will be in Cargill’s core businesses in India, including edible oil, cocoa and chocolates, starches and sweeteners and animal nutrition. In addition, it will provide employment to 1,300 people and help farmers in the country.
“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,” Van Deursen said. “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, which was set up with an investment of $100 million. The company also inaugurated a new dairy feed mill in Bathinda, Punjab. Cargill additionally opened its largest business services center in Bengaluru in 2015, which employs around 2,000 people.