GRM Overseas enters into MoU with Harvesting India

GRM Overseas Ltd. | Consumer Food | FMCG | BSE: 531449 | NSE: GRMOVER

27 Jan 2023 Evaluate

GRM Overseas has made its maiden foray into the Agrotech space after entering with an memorandum of understanding (MoU) with Harvesting India (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.

GRM Overseas is presently engaged in the business of processing and sale of rice.