GRM Overseas gains nearly 3 per cent after its subsidiary signs MoU with Reliance Retail

On Tuesday, GRM Overseas Limited, one of India’s leading basmati rice exporters announced that its subsidiary, GRM Foodkraft Pvt Ltd has entered into a memorandum of understanding (MoU) with Reliance Retail Limited (JioMart) to place its products in Reliance stores.  

GRM products will be available in 45 distribution centres of Reliance Retail Ltd (JioMart) across the country, under the B2B category. The partnership with Reliance Retail Limited (JioMart) will further strengthen GRM presence, maximise its reach in the domestic market, and is expected to drive the top-line growth as well as market share in the coming years.  

This is an important breakthrough for GRM since Reliance Retail Ltd (JioMart) has very stringent pre-qualification requirements for approval of its suppliers/vendors for purchasing any products.  

Going forward, GRM will focus on diversifying from private label basmati rice offerings to high margin own brands, specialised and value-added products by adding value via product differentiation.   

At 3.38 pm on Tuesday, the shares of GRM Overseas Limited were trading at Rs 2,415.30, up by 2.96 per cent or Rs 69.50 per share, against a 0.69 per cent decline in the benchmark index. The 52-week high of the company is recorded at Rs 2,463.05 while its 52-week low is Rs 131.00 on BSE.