Riddhi Siddhi Gluco Biols Ltd. to Acquire Cargill India's Corn Wet Milling Division in Davangere, Karnataka
Riddhi Siddhi Gluco Biols Ltd. (RSGBL) has signed an Asset Purchase Agreement (APA) to acquire the assets of Cargill India Pvt. Ltd.’s (CIPL) Starch & Sweeteners business in Davangere, Karnataka. The deal includes the acquisition of land, manufacturing facilities, warehouses, and corn silos that provide integrated storage infrastructure supporting the corn wet milling operations, subject to the terms and conditions of the APA and obtaining of customary approvals. The 52-acre facility boasts 300,000 MT annual processing capacity, and manufactures maltodextrin, liquid glucose, and co-products like corn germ, corn gluten, and corn fiber. This acquisition aligns perfectly with RSGBL’s long- term growth vision, expanding their footprint in food and pharmaceutical segments to better meet unmet customer demand. The facility’s strategic Karnataka location bolsters their competitive service to domestic and export markets. Additionally, their intent to operate the facility using renewable energy sources reflects their long-term commitment to clean energy and sustainable manufacturing.
Key Highlights
- RSGBL to acquire Cargill India's Davangere corn wet milling assets including land, warehouses, and corn silos.
- The acquisition aligns with RSGBL’s long- term growth vision, expanding their footprint in food and pharmaceutical segments.
- The facility has a strategic location in Karnataka, bolstering their competitive service to domestic and export markets.
- RSGBL intends to operate the facility using renewable energy sources, reflecting their commitment to clean energy and sustainable manufacturing.
- Cargill India has been operating in India since 1987 and currently has pan-India presence with businesses spanning refined oils, food ingredients, industrial specialties, grain and oilseeds, cotton, animal nutrition, and trade & capital markets.