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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » world bank group member invests 2,550 mn in cargills foods

world bank group member invests 2,550 mn in cargills foods

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Teller

Teller
Moderator
Moderator

IFC, a member of the World Bank Group, is investing Rs 2,550 million for an 8% equity stake in Sri Lanka's Cargills Foods Company Pvt. Limited (CFI), the retail subsidiary of Cargills (Ceylon) PLC to help the company expand its operations in the country, enhance its backward integration system and develop the efficiency of its supply chains.

"As Cargills Foods expands across Sri Lanka, it will create more jobs and opportunities for skills development," said Adam Sack, IFC Country Manager for Sri Lanka and Maldives. "IFC will share its global experience and industry knowledge to help improve efficiency and standards throughout the company's supply chain," he said.

IBC's investment in the company is also expected to help advance the internal processes of Cargills retail business. CFI is currently moving towards internationally accredited management systems for environmental and social standards while continuing to open opportunities for employment for rural youth and expand sustainable markets for farmers.s.observer

Senior Citizen

Senior Citizen
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

So then the VAT charge to Cargills will be reduced!

Cargills management are not very happy with a VAT charge that makes them uncompetitive with the retail trade. They state that they find it a big disadvantage and their prices in crude VAT even on vegetables and other non VAT items.

Concessions may be given them?

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