"Kohinoor Foods (KFL), one of India’s largest basmati rice and ready to eat foodstuff producers, plans to sell 20% stake at Rs 160 each in its Dubai subsidiary Rich Rice Raisers Factory LLC (RRR) to Al Dahra, an Abu Dhabi based agri specific company.
It was not immediately known as to home much share KFL was owning in RRR. Repeated efforts to reach Gurnam Arora, Joint managing director of KFL, did not elicit any response. KFL did not divulge the use of sale proceeds in a statement to the Bombay Stock Exchange on Friday.
RRR was established as a joint venture company in 2000 in Dubai to augment its marketing strengths in the middle-east region. Sunny General Trading (SGT) was holding 75% stake in RRR. KFL aimed to leverage Sunny’s strong distribution network for food products in UAE. SGT is a food importer and retailer in the Middle East."
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