Usher Agro approves QIP of upto Rs 100 cr

• Modernizing of Rice Milling Plant at Buxar-Bihar 
• Build a Silos Complex for grain storage
• Setting up of a 1.00 MW captive power plant at Buxar-Bihar
• Expansion of Rice and Wheat milling capacities

Usher Agro Ltd. (BSE code: 532765), one of the leading rice millers in India, reported a robust growth in revenue for the quarter ended, March 31, 2010.

The funds raised through the QIP route will be used for modernizing the Buxar plant as well as expanding the existing rice mill. The company saw a good growth in the rice milling segment.

The QIP funds will also be used to build a Silos Complex for grain storage at its plant at Chhata, expansion of its wheat milling capacity at Mathura and for long term working capital requirements. The company is also planning to set up a 1.00 MW captive power plant at Buxar- Bihar.

Commenting on the funds raised, Mr. Vinod Kumar Chaturvedi, MD – Usher Agro Limited said, “We are extremely positive about the QIP issue. Not only it will help us with the expansion of capacities at our existing plant and to improve operational efficiencies but will also guarantee a fulfillment of long term working capital requirement.”

About Usher Agro:
Usher Agro Ltd. has charted its growth plan  based on its conviction of the opportunities available in food processing sector and have been consistenetly buiding up the processing capacity right from its inception. Usher put its first project of rice milling at Mathura (U.P.) started in 1996 with a installed capacity of 10800 MTPA and which is now stood at over 250000 MTPA apart from 300000 MTPA is under implementation. Besides, rice milling Usher is also having Wheat flour milling facility of 75000 MTPA and captive co-generation power plant based on rice husk a bye product of rice milling activity.  

Usher believes in using the latest technology & has adapted itself with the rising demands in the industry. ‘Rasoi Raaja’ a registered brand of Usher is identified with superiority, quality & credibility.

With the recent establishment of the third unit of rice milling, USHER has become one of the leading rice millers in India. USHER is now a recognized name and a great contributor in the progress of Indian food processing industry in general & basic food segment in particular.