Agri-food major Cargill India today said its Rs 600-crore corn milling plant in Karnataka would become operational by October this year and is open to acquire popular edible oil brands.
Cargill India, which has an annual turnover of about Rs 9,000 crore and is part of US-based agri-food giant Cargill, sells edible oils and vansapati under different brands -- Nature Fresh, Sweekar, Gemini, Rath and Sunflower Vanaspati.
"Our Karnataka corn milling plant is under construction. It will be operational in October this year," Cargill India Chairman Siraj Chaudhry told PTI.
The processing plant, with an annual capacity of 300,000 tonnes, would produce modified starch for the consuming processed food and pharma industries.
Asked about feed plant at Bathinda, Punjab, Chaudhry said it would be operational by March next year.
The company is setting up this feed plant at an investment of about Rs 100 crore to cater to the cattle feed needs of the dairy industry in Punjab and other neighbouring states.
On acquisition of brands, he said: "We are always open for acquiring popular brands. But there is nothing at the moment".
Chaudhry, however, said that not many popular brands are left for the acquisition.
Cargill India had in past acquired major brands including 'Sunflower Vansapati' from Wipro in 2012 and 'Sweekar' from Marico and 'Rath' Vanaspati from Agro Tech.
In February 2014, Cargill India had acquired Dalmia Continental's olive oil business under 'Leonardo' brand, for a consideration less than Rs 100 crore.
Asked about the performance of olive oil brand 'Leonardo', Chaudhry said the company's olive oil business has grown by 20 per cent since it acquired the brand.
At the time of acquisition, Leonardo had an annual sales volume at 3,000 tonnes.
The company had acquired Leonardo olive oil business as part of strategy to expand in the growing Indian food market and gain more access to the healthy and quality conscious consumers.
Cargill India started operation in 1987. It has businesses in refined oils, food ingredients, grain and oilseeds, sugar, cotton and animal feed.
