Basmati rice exports likely to exceed 2-mn tonnes

MUMBAI: Leading basmati rice exporter, LT Foods, today said that exports of the commodity was likely to exceed two-mn tonnes this fiscal (FY 11), up from last year's 1.7-mn tonnes.

"The country's basmati rice exports is likely to be over two-million tonnes this fiscal," LT Foods' Managing Director, V K Arora, told reporters on the sidelines of an event here.

LT Foods is eyeing an export of one-lakh tonnes this year, an increase of 10 per cent over last year, he said.

"Presently, we are focusing very hard on the US market with an aim to increase our share from the current 40 per cent to 50 per cent this fiscal," he said.

Asked about the outlook for rice production in the kharif season, Arora said that "it is likely to be okay" but a definite view could be arrived at only after 2-3-months.

Rice production is likely to be higher than last year on account of a better monsoon, he said.

The company was also interested in overseas acquisitions, especially of companies (rice-related) which are value-adding in nature, he said.

In 2007, LT Foods had acquired Kusha Inc, a large distribution company in the US.