Integra Essentia Limited has announced the acquisition of substantial interest in Rice Processing Facility located in Bareilly, Uttar Pradesh through a Joint-Venture Agreement with the existing stakeholders, wherein Integra Essentia shall hold 66% stakes in the Joint Venture which is having an already operational facility, having all requisite licenses and certifications to produce Premium Export Rice for domestic as well as international markets, as per an official statement.
This facility is spread over 4500 Sq. Mtrs and having annual installed capacity of 21000 Metric Tonnes of Export Quality Rice, equipment of the processing unit are sourced from Japan and the United States, as per an exchange filing.
Commenting on the development, Vishesh Gupta, Managing Director of the Integra Essentia said “Our intention is very clear, we want to grow company’s business, its reach and obviously profitability significantly and are putting all efforts to strategically align all the elements of the supply chain of life essential items, by way of both organic or inorganic route, and this acquisition is only a step one in that direction.”
“Integra Essentia has been sourcing processed rice for its business of supplying life essential goods, with the addition of this processing facility, the Company shall have better control over the quality along-with better economies and will be in a stronger position to tap into the exponential potential in Exports Market,” the filing statement added.
India is the Largest Exporter of Rice worldwide with 21.5 Million Tonnes of Rice Exports, which is larger than the next biggest 4 exporting countries combined together and the 2nd largest Rice producer globally with an Annual Rice production of about 120 Million Tonnes, while Uttar Pradesh is the 2nd largest Rice producing state in India, producing an annual 15.60 Million Tonnes with Bareilly being the 2nd largest Rice Producing district of Uttar Pradesh.