Profiles two firms currently under negotiations with NSEL

Namdhari Food International and Namdhari Rice and General Mills

Sirsa (Haryana)-based Namdhari Food International Pvt Ltd (NFI), is a small-type family-owned basmati rice producer with an annual turnover of Rs 25-30 crore. With a small presence in export market, NFI largely processes basmati paddy and sells into local markets with a small margins. NFI has negligible presence in basmati rice market similar to other small players in this business. On Sunday, the company came in news after the National Spot Exchange Ltd named it as a company holding pay-outs. The company headed by Inder Singh has, however, a distinctive caliber and deep understanding of the commodity market.

Similarly, Namdhari Rice and General Mills was established in 1986 by Daljit Singh to process and export basmati rice mainly to Saudi Arabia, Dubai, Iran, USA, UK and Italy in addition to its supply to the domestic market. With 40 employees, the company has achieved distinction in the quality of basmati rice in the world.

According to Iqbal Singh, a senior official NFI, both companies are owned by cousin brothers with an accumulated turnover of around Rs 40 crore. Both companies, however, have a total outstanding payment to National Spot Exchange between Rs 55-60 crore.