Lakshmi Energy & Foods to launch branded basmati product

Below is a verbatim of his interview with CNBC-TV18's Reema Tendulkar and Ekta Batra. Also watch the accompanying video.

Q: We understand that you are looking to launch a branded basmati product. Could you tell us the status of that and how large would the production be currently and which are the markets you are looking at?

A: This is 1121 Pusa Basmati rice. The crop is in Punjab, it is a very good crop. This year the target is one lakh metric tonne. Approximately 1,25,000 metric tonne is export to Saudi Arabia and Gulf countries and Europe and the UK.

Q: Could you quantify these from lakh tonne to may be rupees and crores, what does it translate to?

A: My year starts from October 1st to 30th September 2011. Form October to September, we want to complete one lakh metric tonne. Basmati is very nice quality. It is a loss to Maharashtra and North India to stop the launch. Price is upto Rs 90. For people it is affordable. It is of Japanese technology, and 100% sugar free, cholesterol free.

Q: Can you give us an update on whether the news reports doing the rounds on a possible export of non-basmati rice actually coming through?

A: This is not a non-basmati export. It is a 1121 Pusa Basmati export by order in hand, it is approximately Rs 600 crore, and 1,25,000 metric tonne.

Q: What I was meaning to say is that there are certain reports saying the rounds that Andhra Pradesh Chief Minister has asked for the center to lift the ban on export of non-basmati rice.

A: This non-basmati ban is all over India.