Integra Essentia takes stake in rice processing plant in Bareilly
Integra Essentia Limited said that it has acquired a substantial stake in a rice processing plant in Bareilly, Uttar Pradesh for an undisclosed price.
The stake was acquired via a joint venture agreement with the existing stakeholders.
Integra Essentia will own a 66% stake in the rice processing joint venture.
According to the Delhi-based company, the joint venture already has an operational facility with all the required licenses and certifications to produce premium export rice for domestic and international markets.
The rice processing plant in Bareilly, which is spread over 4,500m2, has an annual installed capacity of 21,000 metric tonnes of export quality rice.
Integra Essentia said that it has been procuring processed rice for its life essential goods supply business. With the controlling stake in the addition of the Bareilly rice processing plant, the company expects to have more control over the quality along-with better economies and will be well placed to tap into the exponential potential in exports market.
The company further stated that as a measure of backward integration, the stake acquisition will bolster its position in premium rice supplies apart from extending its scope deeper in the supply chain of life essential items.
Vishesh Gupta — Integra Essentia Managing Director said: “Our intention is very clear, we want to grow company’s business, its reach and obviously profitability significantly and are putting all efforts to strategically align all the elements of the supply chain of life essential items, by way of both organic or inorganic route, and this acquisition is only a step one in that direction.”