See strong demand from Iran for Basmati rice: KRBL

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See strong demand from Iran for Basmati rice: KRBL

In an interview with CNBC-TV18, Anil Mittal, CMD, KRBL, spoke about the the government's procurement target and the export demand for Basmati rice.

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Basmati rice exporter KRBL Ltd., a significant player in the branded food industry is all set to take advantage of the strong demand from the overseas markets.

In an interview with CNBC-TV18, Anil Mittal, CMD, KRBL , spoke about the the government's procurement target and the export demand for Basmati rice.

Here is a verbatim transcript of the interview. Also watch the accompanying video.

Q: The government has revised its target in terms of kharif rice output which they say is now up by about 3% that is just last week. Do you think it is an achievable target?

A: The government's normal procurement target is around 24-25 million tonne. Due to last year bumper crop they had procured about 33 million tonne, and this year their target, which was around 29-30 million tonne, they are short by a little over 2%. In the last two years the government has made a fantastic buffer and with that buffer this 2% is not going to make any big difference in the government's procurement quantities.

Q: There is a lot of noise about the strong demand coming in from exports. Could you tell us how much by way of basmati rice exports are you expecting because about Rs 9,400 crore was done in FY09, do you see this figure go up to about Rs 12,000-13,000 crore?

A: Yes, the demand of basmati rice is increasing and this demand primarily has increased from Iran. Iran has emerged as one of the very big importers from India and we are expecting a total quantum of about 900-1,000 tonne with Iran. Because of that 900-1,000 tonne definitely it will touch above Rs 11,000 crore.