Corporate Feature     

Published: July 15, 2024
Updated: July 15, 2024

GRM Overseas Ltd.

Bags Rs. 600 million Basmati rice order from Al-Naqeeb Group of Yemen

GRM Overseas, one of the leading Indian basmati rice exporters and India’s leading food FMCG, has bagged a new order worth Rs.600 million from Bin Awadh Alnaqeeb Group from Yemen. As per the agreement, GRM Overseas will ship Indian Basmati Rice to Bin Awadh Alnaqeeb Group, is the largest importer of Basmati Rice from India. The Rs. 600 million order is the biggest order the company has received from the Yemen-based importer distributor till date.

Earlier, the company announced that its board approved the proposal of raising funds by way of preferential issue of convertible share warrants to the person belonging to the promoter/ promoter group/ Non-promoter group category subject to such regulatory/statutory approvals as may be required and the approval of shareholders of the company. The company will issue the warrants at Rs. 146 per warrant, aggregating up to a total of Rs. 136.50 Crores.

From humble inception in 1974 to redefining itself in the form of GRM, the Company has travelled a long way since then. Initially set up as a rice processing and trading house, it is growing to become a consumer staples organisation. During the initial years, GRM exported rice to the Middle East, the United Kingdom, and the United States. Gradually expanding its reach, GRM has developed a market for its rice in 42 countries, thereby achieving the title of being among the top 5 Rice Exporters in India. GRM has three rice processing units with an overall annual production capacity of 4,40,800 MT based out of Panipat (Haryana), Naultha (Haryana) and Gandhidham (Gujarat). Additionally, the Company has a warehousing facility of 1.75 Lakhs sq ft space adjacent to the Gandhidham plant facilitating speedy shipments from Kandla and Mundra ports.

GRM sells products under its brands, namely “10X”, “Himalaya River” & “Tanoush,” and also sells through private label arrangements under customers’ brands. GRM has endeavoured to reach consumers directly with its brands and products in recent years. By placing its products on the shelves of several major retailers in India and abroad, GRM has ensured that the end consumer always has easy access high-quality products. The Company aims to deliver the best quality products to customers with stringent and proactive quality control procedures in place, according to international requirements.