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Leading rice exporter targets domestic market

Bahalgarh (Haryana): Aiming to increase its overseas sales as well as strengthen position in domestic branded rice segment, leading exporter Sunstar Overseas Ltd today said it would invest Rs 60 crore in the next 18 months.

"We are planning to invest Rs 60 crores in the next 18 months of which Rs 19 crores will be spent on increasing the existing plant capacity. Remaining Rs 41 crores will be used as working capital," company's joint managing director Rohit Aggarwal told PTI.

The major part of Rs 19 crores would be invested for office automation, which will increase our current paddy-processing and rice sorting and grading capacity by 20 per cent, he said. The company recently launched `Hello' and `Gateway of India' brands of basmati rice.

He said the company would focus more on the domestic rice market, which only contributes 10 per cent of its total turnover of Rs 260 crores, from the current fiscal and hoped to double its domestic turnover.

"We have an added advantage as huge stock of broken basmati rice is being left out after processing, grading and sorting.We will sell this in domestic market," he said.

PTI

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