Cargills invests RS. 600 million in 2007

Shirajiv Sirimane

Cargills group had invested over Rs. 600 million in 2007 and would look to invest further, said Cargills Chairman Ranjith Page.

Speaking at the first dealer convention of Cargills he said they would be making more investments next year as well. He said that their retail business was growing at around 30 per cent. "We want to increase that," he said.

Page said one of their key objectives is to become the market leader in other fields. "Though we have the largest meat processing factory in Sri Lanka we are still the number two player. Similarly Cargills are close second in ice creams and would be striving to be the number one soon," he said.

When Cargills got in to the ice cream business the country was consuming 14 million liters and with Cargills Magic it has grown to be over 22 million. "This is due to innovation," he said.

Cargills claimed to be the market leader in Kist juices and Nectars and wants the top spot in the cordial, sauce and jam segment. "The investments for next year would look at these areas," he said.

Branded Rice is a new area they ventured and is looking at consolidating on it. The first Cargills food city was opened in Staples Street Colombo in 1983 and since then the company has gone a long way. "We are looking for more opportunities and while doing so want to give more to our dealers and suppliers. Promoting the rural community is one of our main aims," he added.

Today the company employees over 5,000 80 per cent of which are from rural areas and 70 percent are under 25 years of age.

US Ambassador Robert O'Blake who was the Chief Guest at the event said that they have been working with Cargills in many areas. Sri Lanka produces only 20 percent of their milk requirements and there is tremendous potential to increase this as was done by India.

"We are working with Cargills to increase this production. In addition, we are also working closely with them in the agricultural sector by introducing high yielding varieties," he said.

He said that in a bid to develop the Eastern Province they have tied up with the Joint Apparel Federation to set up an institute to train youth and provide employment through the Federation.

He said that Public and Private sector partnerships are very important for countries like Sri Lanka and more should be done in this regard.

Central Bank Governor Ajith Cabbral said that the country should try to reduce the post harvest waste from 40 per cent to 5 per cent.

"This will lead to the reduction of prices in the market," he said.