EXCLUSIVE Brazil grains co. Amaggi raises capex sevenfold, boosts capacity -CEO

Brazilian agricultural conglomerate Amaggi is boosting capital spending sevenfold this year to 2.3 billion reais ($436 million) as part of an aggressive expansion into parts of the supply chain as it seeks to fend off foreign rivals like Cofco and Cargill.

CEO Judiney Carvalho said demand for Brazilian agriculture commodities, fueled mainly by China, supports its plan to grow through acquisitions and greenfield projects.

Amaggi’s expansion comes amid a wider boom in Brazil’s grain belt driven by high prices.

($1 = 5.2726 reais)