US agribusiness giant Cargill is investing in India's burgeoning processed food sector with a $73 million corn milling unit, the head of its India operation said.
"We aim to start a corn milling unit with a daily 800 to 1,000 tonnes processing capacity by 2014," Siraj Chaudhry, chairman of Cargill India said.
The company, a bellwether of world commodity markets, is acquiring land at Davangere in Karnataka, the top corn-producing state in India, Asia's second-largest grower of the grain behind China. The first phase of the processing unit at Davangere will be up and running by the third quarter of 2014.
"Our plant will cater to the growing demand for modified starch in the processed food segment," he said.
Deccan Herald is on WhatsApp Channels | Join now for Breaking News & Editor's Picks