Riddhi Siddhi Gluco Biols to acquire Cargill India's Karnataka starch plant

New Delhi, Jan 19 (PTI) Riddhi Siddhi Gluco Biols Ltd (RSGBL) on Monday said it has agreed to acquire assets of Cargill India's starch and sweeteners business in Davangere, Karnataka, for an undisclosed sum.

The deal includes land, manufacturing facilities, warehouses and corn silos that support corn wet milling operations, subject to customary approvals and terms of the asset purchase agreement, the company said in a statement.

The 52-acre facility, operational since 2016, has an annual processing capacity of 3,00,000 tonnes and produces maltodextrin, liquid glucose and co-products including corn germ, corn gluten and corn fiber.

"This acquisition aligns perfectly with RSGBL's long-term growth vision, expanding our footprint in food and pharmaceutical segments to better meet unmet customer demand," RSGBL Executive Director Siddharth Chowdhary said.

The company said it intends to operate the facility using renewable energy sources, reflecting its commitment to clean energy and sustainable manufacturing.

RSGBL, with over three decades of experience in starch and starch derivatives, said the acquisition strengthens its position in India's starch industry.

"We wish RSGBL success and are confident that this asset will support their growth as they expand their presence in the starch industry," said Dheeraj Talreja, Vice President and Managing Director, Food South Asia, Cargill India.

Cargill has operated in India since 1987 with businesses spanning refined oils, food ingredients, industrial specialties, grain and oilseeds, cotton, animal nutrition, and trade and capital markets. PTI LUX LUX DR