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Basmati rice market player Radikal to invest Rs 600 crore in expansion
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Saturday, 03 August, 2013, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Radikal Rice, a player in the basmati rice sector, plans to garner a significant market share in the domestic and international markets in the coming year.
According to a press release issued by the company, it already commands a substantial market share in the Indian rice market and has plans to invest approximately Rs 600 crore for this expansion. The company is eyeing a turnover of Rs 1,000 crore by 2014. The company’s revenue has gone up from Rs 350 crore in 2011-12 to an estimated Rs 550 crore in 2012-13.
The company will continue to invest in existing product portfolio and distribution capabilities while accelerating investment in capacities to provide consumers a wide product range. It has stepped up its capacity at its state-of -the-art rice milling plant in Garh Mukhteshwar, UP, from an annual production capacity of 2,00,000 metric tonne to 4,80,000 metric tonne.
Speaking on the expansion, Siddharth Chaudhary, MD, Radikal Overseas, said, "Radikal’s growth in the rice industry has been significant. We are eyeing for a larger market share and aim for numero uno position in the domestic and international markets. We are looking to expand our processing capacities apart from strengthening our presence through strong retail and distribution.”
Detailing out the roll-out plan in retail, he added, “Radikal is found in almost every kitchen, from top- notch restaurants to homes. In India, Radikal is among the top two in volumes in modern trade with presence across 2,000 stores such as Reliance, Big Bazaar, Spencer's, More and other leading retail chains pan-India. The company aims in moving aggressively in general trade with 110 distributors with the reach of approximately 1,00,000 kirana stores.”
On the export front, he said, “Radikal has reached over 35 countries and is aiming to increase its presence to 65 by end-2013. Recently, it has strengthened its presence globally by introducing its rice in the UAE market. In the UAE market alone, it is planning to export around 8,000 tonne of basmati rice to the Emirates booming food market this year. Radikal has already started exporting into the European and far Western countries. The company is also proud to be the exclusive supplier to some of the leading airlines and hotels of the world.”
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