Leading basmati rice company Best Foods is aiming to double its turnover at Rs 5,000 crore in the next three years on rising demand of grains in domestic and overseas markets.
"We are targeting 30 per cent growth this fiscal and we want to double our turnover at about Rs 5,000 crore by 2016-17 fiscal," Best Foods CEO Aayushman Gupta told reporters today while announcing accreditation to its rice by Indian Culinary Forum, an association of professional chefs.
The company is planning to invest about Rs 75 crore over the next three years to increase the number of its retail outlets to at least 500 from the current 35 stores.
Delhi-based Best Foods has 17 rice mills with installed capacity to process 45,000 tonnes of rice per month. It markets products under brand name 'Best' and posted a turnover of about Rs 2,600 crore last fiscal.
He attributed the growth to rising population, growing demand for rice, penetration into new market and increased share in the existing market.
Of the total turnover, Gupta said about 70 per cent came from export.
"In the next three years, we expect the share of export and domestic sales would be equal," he added.
On expansion of its retail outlets, Gupta said: "The company has around 35 standalone stores in Delhi-NCR region. We will add at least 500 more stores in the next three years in key metros."
Asked about investment, he said it takes about Rs 15 lakh to set up a store.
Gupta added that the accreditation from Indian Culinary Forum (ICF) would boost the company's sales as the same would be mentioned on its products.
ICF President Chef Devender Kumar said, "We have given accreditation to Best Food's rice and rice products. Best Food is the first rice company to get our accreditation. We will endorse the quality and the brand."
The association has 600 registered members, Kumar added.
