Cargill investing Rs400 crore in new corn mill in India
18 Dec 2012
US-based agri-food giant Cargill will invest Rs400 crore to set up a corn milling plant in Karnataka, which will produce modified starch for the processed food and pharmaceutical industries.
Cargill will also invest around Rs100 crore on expansion of capacity of existing edible oil plants, Siraj A Chaudhry, chairman of Cargill India, said today.
''We are in the process of establishing a corn milling plant in Karnataka with an investment of around Rs400 crore'', he said.
''The capacity will be 800-1,000 tonnes per day. It will be our single largest investment in India,'' Chaudhry added.
Cargill is currently scouting for land at Davangere in Karnataka for setting up the plant, with plans to commence operations by the third quarter of 2014, he said.
The company is also re-entering the branded wheat flour business with 'Nature Fresh' brand and is also looking at other food commodities like rice and pulses.