Karnataka-based MK Agrotech acquires cooking oil brand Riso

MK Agrotech, which sells cooking oils under the Sunpure brand, has acquired Riso -- a premium edible oil brand in Maharashtra -- and is targeting a revenue of Rs 120 crore from the state in the next fiscal year.

In a statement, MK Agrotech said that Riso's product portfolio includes groundnut oil, rice bran oil, and sunflower oil. Karnataka-based MK Agrotech is "looking to bolster Sunpure's presence in the Maharashtra market, targeting a revenue of Rs 120 crore in FY2023-24 from the region."

Riso brand enjoys a 10 per cent market share and is currently available across more than 8,000 retail outlets in Maharashtra.

"We have been looking at brands across geographies to help expand Sunpure's footprint and diversify into different edible oils and food products," Gokaran Singh Pawar, National Sales Head at MK Agrotech, said.

The company is open to more such acquisitions in the future. Recently, it forayed into the branded spices market with the launch of Sunpure Red Chilli Powder, Sunpure Turmeric Powder and Sunpure Coriander Powder.

The plan is to further expand Sunpure's food product portfolio to include grains, pulses, dry fruit, and other food products. MK Agrotech seeks to expand its flagship brand Sunpure across key markets in the Southern and Western regions of India. The company has an annual turnover of close to Rs 3,000 crore. It is into business of edible oil, wheat flour, sugar and spices.