Cargills says over Rs. 12 b invested in past 3 years; Upcoming banking venture gets Rs. 660 m

Thursday, 6 June 2013 02:03 - - {{hitsCtrl.values.hits}}

Confident of the economic environment in the country in the post-conflict period, Cargills Group, has invested over Rs. 12 billion in organic and inorganic growth over the past three years.

This includes acquisition and capacity enhancement in dairy, agriculture, soft alcohol, and confectionaries sectors as well as investments in real estate, property development and financial services. Through these investments the Group has created 2,466 new jobs while positioning itself for its next phase of growth.

However the fast-paced investment drive has resulted in increased Group debt and corresponding increase in finance cost.

The Company has also invested Rs 660 million in the ordinary shares of Cargills Agriculture and Commercial Bank in March this year.

Millers Brewery Ltd., a wholly owned subsidiary issued further Rs 1 billion worth of ordinary shares, also in March, which was entirely subscribed by the company.