Financial Daily from THE HINDU group of publications
Wednesday, Jan 16, 2002
Financial Daily from THE HINDU group of publications Wednesday, Jan 16, 2002 |
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Agri-Biz & Commodities
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Trading Corporate - Announcements Satnam expanding global network Our Bureau
MANGALORE, Jan.15 SATNAM Overseas, which claims to have more than 29 per cent of the `branded basmati rice market' estimated at about Rs. 450 crore in the country, is in the process of extending its global network. Addressing a press conference here, the company's representatives said the firm had set up a wholly-owned subsidiary in the US and it was expected to cross a turnover of Rs 10 crore during the current financial year from rice alone. Apart from rice, it expects to increase its turnover from other agro-products. The company has also started a joint venture company_ Indo European Foods Ltd_ headquartered in London through which it hopes to enter the European markets. It hopes to register a turnover of Rs 150 crore through this venture from rice alone. It is currently in the process of establishing distributors and enlarging its network. In order to promote `branded rice' in the UAE market, in which the company claims to have a `sizable presence', Satnam has established a joint venture in Dubai and has fixed a target of Rs 250 crore in the current financial year.
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