Riddhi Siddhi Gluco Biols aims to double exports

Riddhi Siddhi Gluco Biols Ltd (RSGB), which showcased dramatic growth in its revenues from Rs 156 crore during 2003-04 to nearly Rs 200 crore during last fiscal, is now eyeing the international markets. The company producing starch of various types, aims to double its exports during the current fiscal.

Meanwhile, the company is also considering capacity expansion in future. Presently, the company is operating at over 90 per cent of the installed capacity.

RSGB had reported export turnover of about Rs 7.50 crore during the last fiscal compared with mere Rs 0.66 crore during financial year 2003-04. RSGB exports mainly the by products such as corn gluten meal and enriched fiber for consumption as cattle and poultry feed.

The company had reported exports of Rs 2.5 crore of total sales of Rs 57 crore in the first quarter by marketing products to Japan, Thailand, Indonesia, Oman and Sri Lanka.

"We have set a target of Rs 240 crore from sales in the current fiscal of which about Rs 15 crore will come from the exports. We have plans to expand our markets for corn gluten meal and enriched fiber in the regions of Middle East, South East and Asia Pacific. In domestic markets too, we are expecting the high growth in view of booming textile sector, paper, food and pharmaceuticals industries," said Ganpatraj Chowdhary, managing director, RSGB.

The company has its manufacturing facilities located in Gokak in Karnataka and Viramgam near Ahmedabad in Gujarat. RSGB claims itself to be the the largest starch and glucose manufacturer with the largest wet milling plant at Gokaka in the Indian Sub Continent having the highest crushing capacity.

"We have lower cost of production as we are buying corn directly from farmers in stead of using middle men like our competitors," said Chowdhary.