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Cargill to Open $10M Corn Bulk Storage Facility in India
April 20, 2018
2 Min Read
Cargill plans to open a $10 million corn storage site in India. Image courtesy of Flickr user listingslab
The Indian subsidiary of American agribusiness Cargill plans to open a new, $10 million corn storage facility in Karanataka, India next month located adjacent to the firm’s recently-constructed wet corn milling plant, company officials told The Hindu Business Line.
“While the state-of-the-art silo is primarily for meeting the requirement of the milling plant, we hope to trade out some space to others,” Siraj A Chaudhry, chairman of Cargill India, told Business Line.
The corn silo is the company’s first in India and features a storage capacity of 60,000 tn., Chaudhry said. Local farmers may benefit from the presence of the Cargill facility, as proper storage methods slow the degradation of corn, protecting the value of harvests.
Cargill announced that it plans to invest some $240 million across its core businesses in India over the next half-decade this past November at the World Food India Conference.
“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,” Cargill Asia Pacific’s chief executive officer Peter Van Deursen said in an announcement at the 2017 event.
A $100 million wet corn mill was opened by Cargill in Karnataka in January 2016.
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