Agribusiness Cargill Invests $240M in India Operations

American agribusiness Cargill plans to invest $250 million in its operations in India over the next half decade, creating 1300 new jobs and supporting the country’s growing food processing and agriculture sectors, a press release issued by the firm on Monday said.

Officially announced in a ceremony at the World Food India Conference by the chief executive officer of Cargill Asia Pacific, Peter Van Deursen, the company entered into a Memorandum of Understanding (MOU) with the India Ministry of Food Processing Industries.

“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 in a statement.

Powder & Bulk Solids reported in October that the Union Minister of Food Processing Industries Harsimrat Kaur Badal said India’s food processing sector drew in $10 billion in foreign investments ahead of the World Food India event. Running from Nov. 3 to 5 in New Delhi, the conference was intended to showcase the country’s burgeoning food industry and growing market for food products.

Cargill opened a $100 million wet corn milling plant in India in 2016 and also recently opened a new fairy feed mill in the country, as well as a business services center.

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