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TVS Capital funds expansion of Dunar Basmati Rce
Our Bureau
Date of posting: 15-03-12
      TVS Capital and IFC have invested Rs 124 Cr (approx. 20 million Euro) in Haryana based rice processor Dunar Foods. TVS Capital has invested Rs50 Cr, while IFC invested the rest.

      The company, which was founded in 1979 by Lala Duli Chandra Agarwal and currently managed by his son Surender Gupta, is in the business of procurement, processing and supply of basmati rice. It has two manufacturing facilities in Karnal, Haryana with a capacity of 26 tons per hr (tpH) and Amritsar, Punjab with a capacity of 24 tph.

      Dunar is planning to expand its production capacity in Karnal from 26 tph to 50 tph during the next two years. It also plans to invest in additional silo capacity of 60,000 metric ton and rice husk-based power generation capacity of 3 MW in Karnal and a new rice husk-based power plant of 2MW in Amritsar (in addition to the existing 1 MW capacity).

      The company has emerged as one of the top ten players in the industry under the leadership of Surender Gupta, a second-generation entrepreneur.

      According to a release, the company exports finest quality basmati rice to the Middle East, Europe and the U.S. It offers a range of basmati rice under “Dunar” brand within and outside India.

      “The investment by the two leading private equity funds demonstrates the robust business model of Dunar Foods and its competitive edge in the basmati rice business,” a release quotes Surender Gupta, Managing Director of Dunar Foods, “We believe in Dunar`s growth potential because of the global branded rice business and the opportunity to scale the Indian retail business. Dunar is the 10th investment from the Fund, which brings us close to the completion of investing from Fund IA,” the release quotes Gopal Srinivasan, Managing Director of TVS Capital.

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