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Cargill to invest Rs 500 crore to open corn milling unit in Davanagere
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Wednesday, 01 October, 2014, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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fiogf49gjkf0d Cargill India plans to increase its footprint by investing Rs 500 crore to set up a corn milling plant on a 44.5 acre-plot in Davanagere, Karnataka. The unit, which is currently under construction, would be commissioned by the end of the second quarter of 2015.
The announcement was made by Siraj Chaudhary, chairman, Cargill India, at an event organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) in Mumbai recently.
The processing plant, which has an annual capacity of three lakh tonnes, would produce modified starch for the processed food and pharmaceutical industries, predominately based in central and southern India.
The company would utilise only 50 per cent of the capacity in the first year of commencement, and use the full capacity later over three years.
It stated that the proposed plant would directly benefit farmers from the region and was expected to generate employment opportunities for about 390 people in the region.
A corn storage facility is also slated to come up around the milling unit. This is aimed at driving backward integration for the corn supply chain industry.
Cargill India, a $134-billion subsidiary of the American multi-national of the same name, is engaged in processing, refining and marketing imported and indigenous vegetable oils.
That apart, it supplies food ingredients to manufacturers and the food service industry, and processes, stores, trades and markets farm commodities.
The leading maize-producing states are Tamil Nadu, Andhra Pradesh, Madhya Pradesh, Chattisgarh, Maharastra, Gujarat and Karnataka.
Karnataka is the largest corn producing state in India. There are currently two corn milling plants in the state, which have been set up by other private companies.
The company is engaged in grains and corn in the agriculture space in India. Earlier this year, it inked an agreement with Dalmia Continental Pvt Ltd (DCPL) to acquire its Leonardo Olive Oil business.
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