GRM acquires manufacturing plant near Mundra PortPTI | New Delhi | Updated: 15-05-2019 20:30 IST | Created: 15-05-2019 18:22 IST
Basmati rice exporter GRM Overseas Wednesday announced the acquisition of a manufacturing facility from United Foods at Gandhidham in Kutch, Gujarat, for Rs 12 crore. This acquisition is in-line with GRM's strategic plan to expand capacity and develop a warehouse closer to the Mundra port to augment exports.
"The deal is valued at Rs 12 crore and has been funded through a combination of bank borrowings and internal accruals," the company said in a statement. The acquired facility includes land, building and two Cortex plants and has a production capacity of 800 tonnes per day. The company has also purchased a large plot of land adjoining the plant to develop a warehouse, it said.
GRM Overseas MD Atul Garg said these initiatives are in-line with the company's long-term strategic plan to increase the production capacity to meet the growing demand. "Further, the additional warehousing capacity near the Mundra port will lower lead times for our export order deliveries, thus, improving efficiency and productivity in our business cycle," Garg added.
GRM has two state-of-the-art manufacturing facilities at Panipat, Haryana. GRM said the new plant will serve the export markets whereas the Panipat plants will focus on serving domestic as well as the export demand.
GRM sells basmati rice and premium long-grain rice grown only in certain regions of the Indian sub-continent under its flagship brands 'Tanoush', 'Himalaya River' as well as third-party brands.