KRBL (company)

Last updated

KRBL Limited
FormerlyKhushi Ram Behari Lal Ltd. [1]
Company type Public
NSE:  KRBL
BSE:  530813
Industry Rice
Founded1889;135 years ago (1889) in Lyallpur, Punjab, British India
Founders
  • Khushi Ram
  • Behari Lal [2]
Headquarters
Noida, Uttar Pradesh
,
India
Area served
Worldwide
Key people
  • Anil Mittal (Chairman & Managing Director)
RevenueIncrease2.svg₹5,363 crore (US$640 million) (FY23) [3]
Increase2.svg₹701 crore (US$84 million) (FY23) [3]
Website krblrice.com

KRBL Limited is an Indian rice processing and exporting company, and the world's largest rice miller. It is best known for its India Gate brand of basmati rice, which is the largest selling rice brand in India. [2] [4] [5] [6] The company exports rice to over 80 countries; [7] about 36% of its export revenue comes from the Middle East countries, as of 2021. [8] [9]

Contents

History

KRBL was founded in 1889 in Lyallpur by two brothers–Khushi Ram and Behari Lal; the company name is an acronym of their names. Initially set up as a cotton-spinning (or perhaps cotton ginning) business, it also had business interests in edible oil, wheat and rice. After the partition of India, the family settled in Delhi and started again from scratch, working as trade agents of rice and oil in the city's Naya Bazaar area. [10]

By the 1970s, KRBL was producing only rice, and supplying to local exporters including the Zee Group. The company began exporting rice directly, in its own name, only in 1985. In 1992, it set up its first unit in Ghaziabad, UP, in the outskirts of Delhi. This unit was for sorting, grading and packaging rice. In 1995, KRBL issued its initial public offering. In 1998, the company launched its own brand of rice, "India Gate," in the Indian market. In 1998, the company commissioned its second plant (sorting, grading, packaging of rice) in Alipur, Delhi. In 2001, the third plant was set up in Gautam Buddh Nagar, UP (again in the outskirts of Delhi). [2] [11] [12]

In 2003, KRBL became the first Indian rice company to receive foreign investment, and in 2006, it issued GDRs of US$13 million. It was also in 2003 that KRBL acquired a 65-acre rice processing, grading and packaging plant near Dhuri for ₹15.8 crore through a court auction. The facility was turned into the largest rice milling plant in the world after a ₹200 crore upgrade. [13] [14] In 2016, the company started operating its fourth plant, located in Sonipat district of Haryana. [15]

Controversy

The company was named in a chargesheet filed by the Enforcement Directorate (ED) in December 2020 in relation to a money laundering case linked with Embraer. [16] In January 2021, the ED arrested KRBL's joint managing director Anoop Kumar Gupta in connection to the AgustaWestland bribery scandal. [17]

See also

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References

  1. ↑ "KRBL plans to scale up seeds business". Business Standard. 3 March 2004. Retrieved 26 June 2023.
  2. 1 2 3 "Returns On Rice: The Making Of India's Biggest Basmati Exporter". Forbes India. Retrieved 6 December 2020.
  3. 1 2 "KRBL tanks after Q4 earnings". capitalmarket.co. Retrieved 26 June 2023.
  4. ↑ Mitra, Sounak (7 July 2017). "India's largest selling rice brand is now a zero-tax product". mint. Retrieved 6 December 2020.
  5. ↑ "Indian rice miller eyes expansion as Gulf demand grows". Arabian Business. Retrieved 6 December 2020.
  6. ↑ "India's Pride". Outlook Business. Retrieved 6 December 2020.
  7. ↑ "KRBL Ltd". Business Standard India. Retrieved 6 December 2020.
  8. ↑ "India Gate -The Indian Superbrand For The World". Outlook Business. Retrieved 26 June 2023.
  9. ↑ Mathew, James (11 October 2018). "New Indian products from KRBL set to hit UAE shelves". Arabian Business. Retrieved 6 December 2020.
  10. ↑ Manmohan, Nutan (10 June 2023). "India Gate basmati rice was created in Delhi's Naya Bazaar. It remains undefeated leader". ThePrint. Retrieved 26 June 2023.
  11. ↑ Modi, Ajay (16 November 2017). "India gets its first basmati billionaire family". Business Standard India. Retrieved 6 December 2020.
  12. ↑ "Anil Mittal has played a key role in transforming basmati trade". Business Today. Retrieved 6 December 2020.
  13. ↑ "KRBL bets on plant upgrade for growth". The Telegraph. Retrieved 6 December 2020.
  14. ↑ "Adding a regional flavour". Business India. Retrieved 6 December 2020.
  15. ↑ "KRBL Ltd commences new Grading, Sorting and Packaging plant at Akbarpur Barota, Distt. Sonipat". EquityBulls. 27 July 2016. Retrieved 11 June 2021.
  16. ↑ Sonavane, Ravindra N. (10 December 2020). "KRBL slips 6% as ED names company in chargesheet in Embraer deal". mint. Retrieved 26 October 2021.
  17. ↑ "ED arrests Joint MD of rice export firm KRBL in AgustaWestland scam". Hindustan Times. 30 January 2021. Retrieved 11 June 2021.
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