Integra Essentia Ltd updates from the Rice Processing Business Unit at Bareilly

Integra Essentia Limited has shared updates from its Rice Processing business, the Bareilly unit has processed 2200 MT of rice for Food Corporation of India (FCI) supplying the product across various allocated FCI locations since the company acquired processing facility under a Joint Venture agreement in august 2022.

The company has also induced fresh working capital after the acquisition of stakes in the Bareilly unit to the tune of INR 12.5 Million to enhance the rice processing business, which in turn has resulted in an addition of INR 46 Million to the Manufacturing Top Line during the recent 4 Months. The company will continue to invest in the Rice Processing business in a phased manner as the business as the business from the facility grows. The company has also decided to muster a specialised team to enhance its Exports business starting with the Middle Eastern market which is a global hub for distribution of Rice to more than 20 Countries.

Integra Essentia Limited had earlier announced having acquired substantial stake in Rice Processing Facility located in Bareilly, Uttar Pradesh through a Joint-Venture Agreement with the existing stakeholders, wherein Integra Essentia is currently holding 66% stakes in the Joint Venture entity, which is a fully operational rice processing facility, carrying all the requisite licenses and certifications to produce Premium Rice for domestic as well as international markets. The state-of-the art processing unit is spread over 4500 Sq. Metres of land with up-to-date equipment sourced from Japan and the United States, having an installed capacity to process 21000 Metric Tonnes of Export Quality Rice Annually. The company has plans to induce an additional INR 60 Million investment as working capital within the current F.Y. to enable the Bareilly Rice Processing unit to service Bulk Export Orders which will further strengthen the company's position in Premium Rice Exports.

Shares of Integra Essentia Limited was last trading in BSE at Rs. 8.17 as compared to the previous close of Rs. 8.59. The total number of shares traded during the day was 3700 in over 3 trades.

The stock hit an intraday high of Rs. 8.17 and intraday low of 8.17. The net turnover during the day was Rs. 30229.00.

Source : Equity Bulls

Keywords

IntegraEssentia INE418N01035 Infrastructure BareillyUnit RiceProcessing FCI JVAgreement