Malaysian rice and other commodities manufacturer Saba Industries announced that it plans to inject $100 million in the rice sector in India and Thailand, as it plans to export the staple by partnering with local farmers.
The company plans to enter warehousing and drying space in India's rice sector. The Kuala Saba Industries plans to establish approximately 10 warehouses in Uttar Pradesh and as many dryers with an aim to dry 1,000 tonnes rice per day.
For the first 2 to 3 years, the company intends to target Uttar Pradesh, partnering with the farmers there. It intends to support the farmers in India with farm equipment and fertilizers for free and procure their rice and get it processed at local mills.
Farm equipment will help farmers plant and harvest paddy faster. In the first place, Saba Industries is probing at exporting 20,000 to 25,000 tonnes of rice, particularly Basmati, per month.