Food and beverage giant Alin Group has raised $1 billion from investors including Union Carbide, Alibaba Group and TPG Capital.
Alin’s latest round will be led by the new fund’s board member David C. Riddell.
Alin also plans to raise additional funds from outside investors.
The company will reportedly expand its food and beverage business and acquire a minority stake in a new food service brand.
Algin’s food and beverages unit, which has more than $10 billion in sales worldwide, has been in the news recently due to a number of issues.
In April, Alin was named the worst company in the world for its handling of the deadly anthrax outbreak.
In April, it also admitted that the anthrax was produced by its Indian plant.
Albiton, the world’s second-largest food and drink company, has had a rocky start to its new year with the release of its second-quarter earnings report.
The company said its revenue was down 10 percent, but analysts had expected it to fall 5 percent.
The group said it would focus on making “better, more sustainable” products.
It also said it will invest in R&D to improve its food safety standards and accelerate its food supply chain.
Albany-based Alin has been looking to expand into new markets and is working on a new business in India.