Integra Essentia's Bareilly unit achieves 2200 MT production milestone

13 Dec 2022 , 02:30 PM

Integra Essentia Limited has announced today that since the company acquired the processing facility under a Joint Venture agreement in August 2022, the Bareilly unit has processed 2200 MT of rice for the Food Corporation of India (FCI), supplying the product across various allocated FCI locations.

The company has also induced fresh working capital to the tune of Rs 1.25 crore following the acquisition of stakes in the Bareilly unit to enhance the rice processing business, which has resulted in an addition of Rs 4.6 crore to the Manufacturing Top Line over the last four months.

The company will continue to invest in the Rice Processing business in a phased manner as the facility’s business grows.

The company has also decided to form a specialised team to expand its export business, beginning with the Middle Eastern market, which serves as a global distribution hub for rice to more than 20 countries.

Integra Essentia Limited previously announced that it acquired a substantial stake in the Rice Processing Facility in Bareilly, Uttar Pradesh, through a Joint-Venture Agreement with the existing stakeholders, with Integra Essentia currently holding 66% stakes in the Joint Venture entity.

At around 2.33 PM, Integra Essentia was quoted at Rs8.15, marginally down against previous close of Rs8.20 on NSE. The counter hit intraday high and low of Rs8.25 and Rs7.80 respectively.

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