FMCG company GRM receives order worth Rs 465 million

Agro products major GRM Overseas Limited (GRM) has received an order from the Ministry of Agricultural, Fisheries Wealth & Water Resources, Sultanate of Oman. According to an exchange filing, this is the maiden government order secured by the company. The order is worth Rs 465 million.

GRM has a market for its rice in 42 countries and is India's third leading rice exporter. 

"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 company said in an exchange filing. 

MENA region is the largest importer of Basmati Rice, having a share of around 78 per cent of the total exports from India in FY23, while Europe contributes 6.9 per cent and USA + Canada contribute 6.6 per cent (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 the MENA region. 

Meanwhile, the share of GRM Overseas surged around 10 per cent to touch the day's high of Rs 157.35 on the BSE. The counter had closed at Rs 142.20 in the last trading session.