Phoenix Looks to India to Feed Africa as Part of Rice Expansion

Company aims to boost rice trading volume to 2.2 million tons
Plans to spend $300 million over 5 years to expand processing

A customer holds a sample of rice for a photograph at a warehouse store in the Vashi Agricultural Produce Market Committee (APMC) wholesale market in Mumbai, India, on Saturday, July 12, 2014. Prime Minister Narendra Modi’s administration increased subsidized grain supplies and set stockpile limits this month to prevent hoarding of onions and potatoes and so curb price gains amid a weak monsoon.
Photographer: Dhiraj Singh/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Supunnabul Suwannakij

December 8, 2017 at 1:54 AM UTC

This article is for subscribers only.

Food and resources company Phoenix Commodities Ltd. will buy more rice from India as it expands its business in Africa to meet increasing demand.

The company wants to boost its rice trading volumes to between 2 million metric tons and 2.2 million metric tons over the next three to four years, Chairman Gaurav Dhawan said in a phone interview. That compares with 1.5 million tons this year. The company says it is already one of the top three rice traders globally.