GRM Overseas Ltd enters into MoU with Harvesting India Pvt Ltd

GRM Overseas Limited (herein referred to as "GRM"), one of India's leading Basmati Rice exporters and a consumer staples player, has made its maiden foray into the Agrotech space after entering with an MoU with Harvesting India Private Limited (herein referred as "HFN"), which works with farmers throughout the crop lifecycle (from seed to market), allowing farmers to get better prices for their products and lower farm input costs. HFN also offers marketing, investment, and technological assistance to farmers.

In accordance with the contract, HFN will procure up to 20,000 MT of paddy, 12,000 MT of wheat, and 5,000 MT of mustard on behalf of GRM in 2023. HFN will sell and promote GRM products under the brand 10X on their virtual platform for direct sale to consumers. HFN will also place the "10X" products at their HFN Kisan Centres targeting the farmers and villagers. This will help the GRM to increase its Brand Value among rural areas.

This agreement was signed with the intention of continuing to provide the highest quality products to GRM customers while also helping the farmers and revitalising the agriculture industry, which is the foundation of the Indian economy. By directly purchasing the products from farmers, the MoU aims to help farmers better plan their crop production, enabling them to make significantly increased yields and profits.

Sharing his views on this important collaboration, Mr. Atul Garg, Managing Director, GRM Overseas Limited said: "By adding additional staple products to our portfolio and keeping our promise to customers to only offer them the highest-quality goods, this partnership will help us broaden our reach in the market. With HFN agreeing to market and sell our products on their platform and Kisan stores, it will help us improve our brand presence and value amongst the rural areas of the country. To make sure that our customers can access our products, we will implement strict and proactive quality control methods.

HFN is an organisation dedicated to assisting farmers and the agricultural sector, two crucial pillars of our economy, and we are pleased that, thanks to this agreement, we will be enhancing farmers' incomes and moving closer to revitalising the sector."

Mr. Ruchit Garg, Founder CEO of Harvesting India Private Limited said: We are super excited to partner with GRM Overseas Ltd. It's a testament to the grassroots-level work HFN is doing with small-scale farmers. This partnership will allow us further drive our mission to enable 120 million small-scale farmers in India.

Source : Equity Bulls

Keywords

GRMOverseas MoU HarvestingIndia AgrotechSpace