TVS Capital and International Finance Corporation (IFC) have jointly invested Rs 124 crore in Dunar Food, a leading basmati rice processor in Haryana.
TVS Capital and International Finance Corporation (IFC) have jointly invested Rs 124 crore in Dunar Food, a leading basmati rice processor in Haryana. The private equity firm invested its share of Rs 50 crore from its growth fund, TVS Shriram while IFC infused the rest of the capital.
Dunar Foods aims this move towards company’s further expansion in both domestic and overseas sector. “The company is growing rapidly since last five years and will grow more. IFC will assist the company for expansion of International market and will raise new market on global basis. Along with this TVS will assist the company in domestic market for expansion and taking over a good scale of Indian retail business,” states Ranjeev Aggarwal, Director, Dunar Foods Ltd.
The company exports the finest quality basmati to Europe, US and Middle East and houses state-of-the-art units in Haryana, Punjab, Madhya Pradesh and Uttar Pradesh manufacturing rice under the brand ‘Dunar’ in both the markets.
“The funds raised will help for expansion of Technology in terms of Milling, Packaging and Storage,” adds Ranjeev. The company plans to go for IPO within next 3-4 years.
- Sandeep Soni