Global food corporation Cargill buys Nellore-based edible oil refinery for $35 million.
- ByTejika Bajaj | December 1, 2021
American global food corporation Cargill has acquired an edible oil refinery in Nellore, Andhra Pradesh for a hefty $35 million. This investment in the southern state of India will strengthen the existing supply chain to meet the growing customer demand. Moreover, the investment will upgrade and expand its production capacity in southern India, the company said in a statement.
The managing director of Cargill’s edible oils business in India, Piyush Patnaik said,“We have driven significant growth of our edible oils business in India over the last few years. This acquisition propels our expansion, specifically in southern India, and demonstrates our commitment to India and our customers in the country,”
The acquisition of the refinery will expand Cargill’s offering into Andhra Pradesh, Karnataka, Telangana and Tamil Nadu. The refinery also extends Cargill’s supply of refined palm oil, palm olein, vanaspati (hydrogenated vegetable oil) and sunflower oil, which accounts for nearly two-thirds of the country’s sunflower oil consumption, along with helping Cargill to produce and package its own edible oil brands for retailers and to better serve bakery and foodservice customers in the region.
Mr. Patnaik also added, “We are consistently working to modernize the business and investing in expanding our footprint while delivering distinctive value to our customers. This acquisition aligns with our tailored and localized market approach for Asia that will drive global growth in food and agriculture.”
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