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GRM acquires manufacturing plant near Mundra Port

Press Trust of India  |  New Delhi 

rice exporter Overseas Wednesday announced the acquisition of a from United Foods at 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 to augment exports.

"The deal is valued at Rs 12 crore and has been funded through a combination of and internal accruals," the company said in a statement.

The acquired facility includes land, building and two Sortex 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.

Overseas MD 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 will lower lead times for our export order deliveries, thus, improving efficiency and productivity in our business cycle," Garg added.

has two state-of-the-art at Panipat,

GRM said the new plant will serve the export markets whereas the plants will focus on serving domestic as well as the export demand.

GRM sells 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 15 2019. 18:26 IST