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Edible oil major, NK Proteins is planning to launch rice bran oil in consumer packs under its edible oil brand Tirupati in January 2021.
The company has set up a new processing plant with capacity of 1,500 tonnes per month which will be ramped up to 3,000 TPM by March 2021.
Company will process raw rice bran oil to make it refined for the retail consumption.
“We are planning to reduce our import dependence and focus on locally-produced oil seeds and rice bran to cater to the consumer demand. For this we will strengthen our position in cottonseed oil, mustard oil, groundnut oil and rice bran oil,” Priyam Patel, CEO, NK Proteins Pvt Ltd told Businessline.
Company has set a target to achieve ₹4,000 crore turnover for the current fiscal 2021, up from ₹3,500 crore in the previous year. Tirupati gets maximum share of its revenues from cottonseed oil i.e., about 73-74 per cent, while about 8 per cent share comes from groundnut oil. It has strong presence in Gujarat, Rajasthan, Madhya Pradesh and Maharashtra.
“Most of the growth in turnover will come from the surge in retail consumption during the lockdown period and after that. We will continue to grow at this pace as we look to expand our reach in the Northern and Eastern markets,” he said.
Company also looks at 35 per cent growth in exports over last year to touch ₹500 crore this fiscal.
The company has roped in Bollywood actress Kareena Kapoor Khan as its new brand ambassador. The company has initiated brand campaigning featuring her.
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