Financial Daily from THE HINDU group of publications
Tuesday, Dec 09, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 09, 2003 |
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Marketing
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Retailing Agri-Biz & Commodities - Rice Basmati exporter KRBL plans Rs 20-cr retail push Dhimant Bhatt
Mumbai , Dec. 8 THE Rs 600-crore KRBL, the largest exporter of basmati rice in the country, plans to strengthen its leadership position in the burgeoning retail market by investing in both international and domestic markets. "The company plans to infuse Rs 20 crore, raised through private placement of shares at Rs 90 each to a Saudi Arabian company, in strengthening its retail network and brand positioning with special focus on fast growing institutional market of malls, hotel chains, etc.," said Mr Anil Mittal, Chairman and Managing Director. The company is engaged in the business of branded food products, export of agro products, commercialised corporate farming, seed production and processing, bio-harnessing, warehousing, and farm management services. The main brands under which the company sells its rice are India Gate, Doon and Bemisal. KRBL already enjoys a healthy relationship with many international retail chain giants like Wal-Mart and K-mart. It holds more than 52 per cent market share of basmati rice in the US markets. The company has chalked out the blueprint to increase its reach in the branded food products segment through brand extension and acquisition. To increase its product range and manufacturing capacities, KRBL is learnt to have identified a leading food processing company for takeover. The deal is in advanced stages and could be announced soon. Post-acquisition, the company's milling capacity would increase to one of the largest in the world. The company plans to introduce many value-added products in the market over the next few months, Mr Mittal said. During the fiscal ended March 2003, KRBL clocked an income from operations of Rs 590 crore with a PAT of Rs 16.34 crore on a capital base of Rs 13.65 crore, translating into an EPS of Rs 11 with a book value of Rs 80.
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