Satnam, LT Overseas to supply rice to Wal-Mart

Basmati rice processing and trading firms Satnam Overseas and LT Overseas are in talks with Wal-Mart Inc, the world's largest retail chain, to supply basmati rice, industry sources said yesterday.

A senior official of LT Overseas also confirmed the firm is in talks with Wal-Mart, adding it was too early to comment on the order size.

For basmati rice, LT owns the brand Dawaat while Satnam owns Kohinoor.

"We are at quite an advanced stage of presentation with them (Wal- Mart)," said Rajiv Mangla, chief financial officer of Satnam Overseas.

Satnam is already supplying to numerous retail chains across the world, including Tesco in the UK and Europe, Woodsworth in Australia and Mustafa in Singapore.

On Satnam's one-million-pound rice processing plant in Felixtowe, UK, Mangla said, "The plant will commence commercial operations by the next month."

The company hopes this plant will open new ventures for supply to other retail chains in UK and Europe.