Press Release

    Olam International Sells Its Basmati Rice Milling Facility In India To Ebro Foods

    Press release

    Olam International Limited (“Olam”), a leading global, integrated supply chain manager and processor of agricultural products and food ingredients, announced today that it has sold Taraori Rice Mills Private Limited, the holding company for its rice milling assets in India, to Spanish rice and pasta manufacturer, Ebro Foods, for US$14.5 million. The basmati rice mill, located in Haryana, India was acquired in 2008 and has a processing capacity of 18 tonnes of paddy per hour.

    Rajeev Raina, Global Head of Olam’s Rice business said: “Olam is a global leader in the rice supply chain from Asia to Africa with a strong presence in both the sourcing origins and destination markets, supporting food security in many developing countries. India is an important sourcing origin for us. While the basmati part of the business provided some sourcing synergies, the sales and distribution channel was distinct and separate from the non-basmati rice business. Furthermore, significant investments in branding were required to grow the franchise. Through this sale we are monetising more than the book value of fixed investments, as well as releasing working capital – which will be used to reinforce our core supply chain and trading business in non-basmati rice from India and other origins for our conventional markets.”

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      Olam international sells its basmati rice milling facility in india to ebro foods
    About Olam International Limited

    Olam International is a leading global integrated supply chain manager and processor of agricultural products and food ingredients, supplying various products across 16 platforms to over 12,300 customers worldwide. From a direct presence in more than 65 countries with sourcing and processing in most major producing countries, Olam has built a global leadership position in many of its businesses, including Cashew, Spices & Vegetable Dehydrates, Cocoa, Coffee, Rice, Cotton and Wood Products. Headquartered in Singapore and listed on the SGX-ST on February 11, 2005, Olam currently ranks among the top 40 largest listed companies in Singapore in terms of market capitalisation and is a component stock in the Straits Times Index (STI), MSCI Singapore Free, S&P Agribusiness Index and the DAXglobal Agribusiness Index. Olam is the only Singapore firm to be named in the 2009, 2010 and 2012 Forbes Asia Fabulous 50, an annual list of 50 big-cap and most profitable firms in the region. It is also the first and only Singapore company to be named in the 2009 lists for the Global Top Companies for Leaders and the Top Companies for Leaders in the Asia Pacific region by Hewitt Associates, the RBL Group and Fortune. More information on Olam can be found at www.olamgroup.com.

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