The acquisition has been funded through a combination of bank borrowings and internal accruals.
Kolkata: GRM Overseas Limited, India's third largest basmati rice exporter to the world and second largest to the Middle East, has acquired a manufacturing facility at Gandhidham, Kutch, Gujarat owned by United Foods, 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.
At present, GRM exports to over 32 countries, including the US, the UK and other European countries and has subsidiaries in the US and the UK.
The acquisition has been funded through a combination of bank borrowings and internal accruals. The acquired facility includes land, building and two sortex plants and has a production capacity of 800 MT per day. It has also purchased a large plot of land adjoining to the plant to develop a warehouse, top company officials said.