New Delhi: Ahead of the visit of an Indian delegation to the EU to resolve the basmati rice issue, grain exporters body AIREA today said tough norms by the European Commission will hit the exports badly as the trade worth over ₹ 1,700 crore could shift to Pakistan. The European Commission has recently brought down in basmati rice the maximum residue limit (MRL) level for Tricyclazole, a fungicide used by farmers against a disease, to 0.01 mg per kg from the next year. This was done for all countries. "The EU has virtually imposed ban on import of Indian basmati rice by reducing 100-fold the import tolerance level of 'Tricyclazole'. It is not possible to bring down the pesticide level all of a sudden to nearly zero," AIREA President Vijay Sethia told reporters here.
Mumbai/Bangkok: Rice prices in India rose on a revival in demand from African and Asian buyers while markets in Thailand and Vietnam remained quiet, traders said on Wednesday. "African buyers were making good purchases after a long time," he said, adding that there was also some demand from Asia. India mainly exports non-basmati rice to African countries and premier basmati rice to the Middle East. Domestic buyers also started returning to the market, helping raise prices despite ample supply which cut prices last week, a Mumbai-based exporter said. "Good export and domestic demand is offsetting impact of rising supplies," he added. India's summer-sown rice output is seen at a record 93.88 million tonnes in the crop year to June 2017, 2.81 per cent higher than last year.
New Delhi: FMCG Hindustan Unilever (HUL) today said it has completed the sale of its rice exports business LT Foods. "With respect to the sale of rice export business of HUL carried out primarily under the brands "Gold Seal Indus Valley" and "Rozana", to LT Foods Middle East DMMC, a group Company of LT Foods India Ltd... the company has now completed the said transaction," HUL said in a BSE filing. In a separate filing, LT Foods said: "To further accelerate the company's strategy of global expansion, acquisition of these iconic brands will serve as an important milestone in the journey of LT Foods and strengthen company's position in Middle East market". In March this year, HUL had signed an agreement with LT Foods (owner of Daawat brand)for sale of its rice exports business for a consideration of ₹ 25 crore as it looks to exit non-core businesses.
Kohinoor Foods Gets Notice for Termination of Rice Supply Pact New Delhi: Rice exporter Kohinoor Foods on Monday said that its joint venture partner McCormick has sent a notice to terminate an agreement for sourcing rice exclusively from the company. In June 2011, Kohinoor Foods had announced a joint venture with US-based spice maker McCormick for marketing of basmati rice and other food products in India. Kohinoor Foods alleged the joint venture firm Kohinoor Speciality Food, in which McCormick holds 85 per cent, started taking rice from other suppliers since 2013-14 in violation of its agreement with the JV firm. Delhi-based rice exporter also said that it is taking all steps to protect the interest of the company. McCormick had announced an investment of $115 million for a 85 per cent stake in the JV - Kohinoor Speciality Foods India Ltd - and transfer of certain trademarks and non-compete undertakings from Kohinoor Foods and its promoters.
India's main opposition, the Bharatiya Janata Party (BJP), said it would push on with the country's drive to expand its grain exports if it forms the next government after elections that kicked off last week. Since export restrictions were eased three years ago, India has emerged as the world's top rice exporter and a key supplier of wheat to Southeast Asia and the Middle East. "We favour building the Indian grain brand globally and that would need consistency in export policy," said Satpal Malik, the BJP vice-president in charge of drafting the farm policy section of the party's election manifesto. Opinion polls show the BJP will win the most lower-house seats, putting its candidate for prime minister, Narendra Modi, in pole position to form the next government in the world's No.2 producer of grains.
Indian rice export prices edged higher this week, buoyed by a stronger rupee and higher local paddy prices, while trade remained thin in rival hubs because of the holiday season. Top exporter India's 5% broken parboiled variety was quoted around $362-$366 a tonne, up from last week's $360-$365. Last year New Delhi had raised the paddy rice purchase price by 3.7% to 1,815 rupees per 100 kg for the 2019/20 crop.
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