Ludhiana-based Kashmir Apiaries Pvt Ltd planning IPO..
Ludhiana-based Kashmir Apiaries Pvt Ltd, the largest exporter of honey from India, is planning to float an IPO (initial public offer) worth Rs 100 crore later next year.
According to Chairman and Managing Director of the company Jagjit Singh Kapoor, the funds would be utilised to add capacities in terms of expansion of bee-keeping colonies, acquiring warehouse facilities overseas and buying a factory in Germany.
The company registered an export of Rs 216 crore in 2008-09 and set a target to clock in export turnover of Rs 300 crore in 2009-10. The company exported 20,000 tonnes of honey last year that included 7,000 tonnes of organic honey. They exported to 45 countries across the globe and Germany was the largest consumer. “They are scouting for new markets in Middle East and Africa,” .
They are number three in the international market after American brand Subbe and German brand Langese and expected to acquire number one position in a few years. Bee keeping in India was affordable due to cheap labour and this might help them to surpass their competitors.
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