Cargill Inc acquires oil refinery at K'patnam Port

Cargill Inc acquires oil refinery at K’patnam Port
© Provided by The Times of India

Hyderabad: Global food giant Cargill Inc has acquired an edible oil refinery at Krishnapatnam Port in Nellore, Andhra Pradesh, and is investing $35 million, which includes the acquisition and upgradation of the refinery.

The facility is expected to be fully operational by May 2022, Cargill said on Tuesday. However, it did not divulge any details of the previous owner of the refinery.

The company said the acquisition will significantly expand its edible oil production capacity and footprint in southern India and strengthen its existing supply chain to meet growing customer demand.

The newly acquired refinery will give Cargill the capability to supply 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 and is currently being underserved, it said.

“This facility also allows Cargill to produce and package its own edible oil brands for retailers and to better serve bakery and foodservice customers in the region. The refinery expands Cargill’s offerings into Andhra Pradesh, Telangana, Karnataka and Tamil Nadu,” Cargill said. Elaborating on the significance of the acquisition, Piyush Patnaik, managing director of Cargill’s edible oils business in India, 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…”

“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,” he added.tnn

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