Best Foods, a major rice exporter, expects to nearly double its sales to Rs 5,000 crore by 2015-16 financial year on the back of strong demand from global markets as well as domestic market.
"With an increase in demand for Best Foods basmati rice in domestic and international markets, we strongly believe that we will be able to achieve our target of Rs 5,000 crore by FY'16," Best Foods CEO Aayushman Gupta said in a statement.
Its sales more than doubled to Rs 2,600 crore in 2013-14, from Rs 1,000 crore in 2004-05 on increase in demand for basmati rice.
The company, which is an integrated player of rice, ready to eat meals and sauces and deals in all types of Indian origin basmati rice, also plans to launch 800 new outlets.
"Currently we are leading the trade and retail market, having 36 standalone outlets across Delhi NCR. We are expanding our portfolio with plans to launch 800 standalone retail outlets pan India," Gupta said.
Best Foods has 17 rice mills with an installed capacity to process 45,000 metric tonnes of processed rice per month. It exports rice to countries in Asia-Pacific, Middle East, Africa, Europe and North America.
