Pakistan’s Leading Business House Fauji Foundation and Cargill have entered in a long-term strategic partnership to support the agricultural supply chain in Pakistan.
As per the partnersip terms, Cargill will be acquiring a minority stake in the Fauji Akbar Portia, Fauji Group’s Grain Terminal at Port Qasim and will oversee cereals, grains, rice, fertilizers and oilseeds through the dry cargo terminal. The quantum of Investmetn size and other financial details have been kept confidential by both companies.
The agreement will enhance the overall value for stakeholders, including the suppliers, customers, employees, and shareholders.
Cargill is a USA Based private comany and this is its first Investment in Paksitan. Cargill had previosuly shown inclination to invest upto $200 million in the country. Cargill is already a major food supplier in USA dealing in Soyabeans and Grains. While its investment in Fauji AKbar Portia will help bring synergy in the port’s operations.
Waqar Malik, Chairman Fauji Foundation said on the occasion that “the transaction is a signal and the validation of the Pakistani opportunity seen by the world’s leading player in agriculture commodities. With its global port experience, Cargill will help drive greater operational efficiencies for the port to reach its potential of handling agri-cargo safely and efficiently.”
“Going forward, both partners aim to build a safety culture that will create a world-class, safe, and sustainable environment for FAP’s employees and customers,” he added.
Country Head of Cargill Pakistan Mr. Imran Nasrullah said on the occasion, “This is a demonstration of our commitment to partner in the growth of Pakistan’s food and agriculture industry. We are very proud of our partnership with the Fauji group, and together with them, we will strengthen the supply chain operations in the country. We are thankful for all the support from the Maritime Ministry towards this initiative”.
Fauji Akbar Portia Terminals is a joint Project between Fauji Foundation, the National Bank of Pakistan and the Akbar Group of Companies. The terminal started its operations in 2010 and provides complete supply chain management solutions for ship berthing, unloading, storage, and bagging of all types of grains, cereals, oilseeds, and fertilizers. The terminal operations went though a stressed time during 2014-15 when the company had to go thorugh Debt Restructuring
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