After the relaxation of export rules by the government, a top Indian exporter of food products has revealed an aggressive expansion strategy across the GCC. The company is aiming to strengthen its presence in the Middle East and Africa, including Jordan, Lebanon, Yemen and Iraq.
Without providing details of the strategy, Radikal has announced that it is confident of capturing the GCC market by increasing its exports to 28 percent by the end of 2013. The company is targeting to market and distribute its products in about 65 countries within this year. The distribution of Radikal’s products in the UAE will be handled by NMC Trading. Radikal has also collaborated with Abbar Foods in Saudi Arabia, GTRC in Kuwait, Jasmis Corporation in Bahrain and Bludan Trading in Qatar.
The company has benefited from a Basmati rice crop in 2012. In 2012, India beat Thailand to become the world’s largest exporter of rice. As a result of higher output, the Indian government decided to abolish the minimum export price in July last year. The move was welcomed by rice exports, who saw this as an opportunity to increase their share in the global rice market by a further 12-15 percent in 2013. Currently, India exports an estimated three million tonnes of Basmati rice annually, mainly to the GCC, Iraq, Europe and the United States.
According to Siddharth Chaudhary, Radikal’s managing director, the company will tap the GCC market to meet the demand for high-quality nutritive and healthy long-grain rice. “We are committed to produce rice that can enhance overall experience of indulgence with enhanced nutritive value, thereby inspiring a healthy life. The GCC traditionally has been one of the leading importers of Indian Basmati rice and accounts for 20 percent of our total exports,” he said.
The Indian Basmati rice is highly reputed in the export market and its consumption has witnessed a significant increase during the past few years.