Cargills to set up agri-commercial bank

Cargills will set-up an agri-commercial bank in Sri Lanka which will be a new venture by a supermarket chain operator, said Cargills Quality Confectionaries Chairman, Stuart Young at a ceremony to launch a range of Kist Biscuits on Thursday.

Cargills (Ceylon) PLC CEO/Deputy Chairman, Ranjit Page, Cargills Quality Confectioneries (Pvt) Ltd. Chairman, Stuart Young and Group Managing Director, Imtiaz Wahid at the media briefing. Pic: Kavindra Perera

The Central Bank gave the green light recently for Cargills to operate a commercial bank which will benefit the agriculture and SME sector in the country.

“Cargills will invest in expanding operations and enhancing market share in the food and beverage sector”,Young said.

He said that the company will capitalise on the rapidly growing FMCG sector and develop its business in the country. Cargills is a leading supermarket chain operator with a sound distribution network across the country.

Cargills Group acquired the moribund factory of the former Diana Biscuits, restoring the livelihood of workers.

The company invested Rs. 360 m on the state-of-the-art facility.

“Cargills believes that such a modern facility should remain in Sri Lankan hands. We have salvaged the company and have put it back on track”, he said.

Cargills (Ceylon) PLC CEO and Deputy Chairman, Ranjit Page said that the company has a huge mission in the new environment and added that the venture into the confectionary sector is one such initiative.

“Cargills firmly believes it can build its brand and be a leading food manufacturer in the country”, Page said.

Cargills consolidated its operations in the North with a Rs. 500 m state-of-the-art shopping mall which was opened on Wednesday.“Cargills will explore and exploit opportunities for business expansion.

There is immense opportunity for business in the North and the East which will be explored for expansion”, Page said.