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GRM Overseas Ltd. — Capital/Financing Update 2024
Apr 29, 2024
60532_rns_2024-04-29_110a75ff-7ef8-4dc1-b412-405c8dd868ba.pdf
Capital/Financing Update
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Date: 29.04.2024
To,
The General Manager The Manager BSE Limited National Stock Exchange of India Limited Corporate Relationship Department Listing Department Exchange Plaza Phiroze Jeejeebhoy Towers 5th Floor, Plot No. C-1, Block-G Dalal Street Bandra-Kurla Complex, Bandra(E) Mumbai- 400 001 Mumbai-400 051 BSE Scrip Code: 531449 NSE Scrip Code: GRMOVER
Subject: Press Release under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Dear Sir/ Madam,
This is to inform you pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015.
Please find enclosed herewith the Press Release with respect to the first order received from the Ministry of Agricultural, Fisheries Wealth & Water Resources, Sultanate of Oman, to supply 4,500 MT of Premium basmati rice . The order is worth Indian Rupees 465 million.
The above information will also be available on the website of company at www.grmrice.com.
You are requested to kindly take the same on your record.
Thanking you.
Yours faithfully,
FOR GRM OVERSEAS LIMITED
Sachin Digitally signed by Sachin Narang Date: 2024.04.29 Narang 14:10:55 +05'30' SACHIN NARANG COMPANY SECRETARY AND COMPLIANCE OFFICER M.NO. A65535
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“GRM OVERSEAS SECURES MAIDEN GOVERNMENT ORDER TO SUPPLY PREMIUM BASMATI RICE TO OMAN”
Panipat, Haryana, 29[TH ] April 2024: GRM Overseas Limited (GRM) has received its first order from the Ministry of Agricultural, Fisheries Wealth & Water Resources, Sultanate of Oman, to supply 4,500 MT of Premium basmati rice The order is worth Indian Rupees 465 million.
The Govt. entities in MENA region opens a significant target market for GRM Overseas with approx total size of 7,00,000 MT + import of Basmati Rice.
MENA region is the largest importer of Basmati Rice, having a lion’s share ~78% of the total exports from India in FY23, while Europe contributes 6.9% and USA + Canada contribute 6.6% (FY23). GRM Overseas has positioned itself strategically, as 95% of its export business is to the MENA region and has established itself as among the top 5 Basmati Rice exporters in MENA region.
Managing Director's Mr. Atul Garg Comments:
"We are thrilled to have received this maiden order from the Sultanate of Oman, one of the largest consumers of Indian basmati rice. This signifies Oman's recognition of the quality of our basmati rice and its growing demand in the country. We see this order as a gateway to regular business opportunities in the Middle East, the largest consumer region of basmati rice. We look forward to further strengthening our presence in this region and diversifying our business."
About GRM Overseas:
From humble inception in 1974 to redefining itself in the form of GRM, the Company has travelled a long way since then. Initially set up as a rice processing and trading house, it is growing to become a consumer staples organisation. During the initial years, GRM exported rice to the Middle East, the United Kingdom, and the United States. Gradually expanding its reach, GRM has developed a market for its rice in 42 countries, thereby achieving the title of the 3rd leading Rice Exporter in India. GRM has three rice processing units with an overall annual production capacity of 4,40,800 MT-based out of Panipat (Haryana), Naultha (Haryana) and Gandhidham (Gujarat). Additionally, the Company has a warehousing facility of 1.75 Lakhs sq ft space adjacent to the Gandhidham plant facilitating speedy shipments from Kandla and Mundra ports.
GRM sells products under its brands, namely “10X”, “Himalaya River” & “Tanoush,” and also sells through private label arrangements under customers’ brands. GRM has endeavoured to reach consumers directly with its brands and products in recent years. By placing its products on the shelves of several major retailers in India and abroad, GRM has ensured that the end consumer always has easy access to their high-quality products. The Company aims to deliver the best quality products to customers with stringent and proactive quality control procedures in place, according to international requirements.
For more information, please contact:
Contact Details:
GRM Overseas Limited Sachin Narang, Company Secretary & Compliance Officer [email protected]
Krunal Shah/Vinayak Shirodkar/Naman Maheshwari Captive IR Strategic Advisors Pvt. Ltd. Contact: +919372467194 -------------------------------------------------------------------------------------------------------------------------------------- Email: [email protected]/ [email protected]/ [email protected]
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