Cargill has announced it will invest $240 million in India over the next five years. The Minnesota-based food and agriculture company’s new investments will add to the food safety and economic development of the country and benefit the food processing and agriculture industries.
The announcement was made at the recent World Food India Conference by Peter Van Deursen, Chief Executive Officer, Cargill Asia Pacific at a signing ceremony of a Memorandum of Understanding (MOU) with India Ministry of Food Processing Industries. The added investment will be in Cargill’s core businesses, 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,” said Van Deursen. “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.”
Prior to the World Food India 2017 event, Union Food Processing Industries Minister Harsimrat Kaur Badal said that the country is expected to attract investment of $10 billion in the food processing sector. Over 200 companies from 30 countries, 18 ministerial and business delegations, and 50 global Chief Executive Officers, along with CEOs of leading domestic food processing companies were expected to attend the event.
“With World Food India, the country is poised to touch an investment target of roughly $10 billion in the food processing sector, which will generate one million jobs in three years,” said Badal. “I am certain that the World Food India platform will reinvigorate the country’s position as a ‘Global Food Factory’ and a ‘Global Sourcing Hub’.”
Last year, Cargill invested $100 million in its first wet corn milling plant in India, and inaugurated a new dairy feed mill in Bathinda, Punjab. Cargill opened its largest business services center in Bengaluru in 2015, employing around 2,000 people.