Best Foods Limited, an integrated basmati rice player with presence across value chains, has laid down growth plans, which include expanding capacity, retail presence and ramping up branding.
The company is eying a double digit growth and aims to be the number one player in the packaged rice segment in the next 12-14 months, said Aayushman Gupta, business director of Best Foods.
Launching its brand new packaging for basmati rice, he said, “We are tying up with major retailers like Reliance, Total, Spar, Smart, Spencers, Walmart and Food Bazaars to reach the targeted market.”
India is the largest producer of rice in the world, with around 90 million tonne per month across 4,000 varieties of rice. Under basmati, it has only 9-11 varieties. According to an AC Nielson report, India's packaged rice segment has been growing at 30 per cent in the last 3-4 years. The basmati rice segment is expected to grow at 25-30 per cent
“We would roll out our product in 300 outlets in the next three days at Hyderabad,” he added. Currently, 75 per cent of its business comes from international markets. The company exports basmati to 50 countries including North America, Canada, Australia and Europe
For the domestic market, 75 per cent business comes from the basmati segment and 25 per cent comes from the non-basmati segment. “The domestic market has grown 250 per cent as compared with last year, and the international market is growing at 50-60 per cent,” he added.
The company has a capacity of 45,000 million tonne per month, being sourced from northern states. It reported a turnover of Rs 1,322 crore in the last financial year from Rs 20 crore in 2002.
Its basmati rice is available under five variants - brown rice, organic rice, premium, select and special, and is priced between Rs 45 and Rs 200 per kg.
