Rice News Today: CM Stalin Urges, Bundi Basmati Crisis, Aeroplane’s basmati rice’s IPO

Tamil Nadu CM M.K. Stalin urges PM Modi to double rice procurement target to 32 lakh tonnes

On Saturday, March 14, Tamil Nadu Chief Minister M K Stalin urged Prime Minister Modi to issue the necessary instructions related to revising the rice procurement target for the state from 16 lakh metric tonne to 32 lakh metric tonne for the Kharif Marketing season 2025-26. CM Stalin observed in the letter that there has been a historic increase in paddy production in the state during the current year on account of the timely opening of the Mettur dam, enhancing crop management practices and favourable climate conditions. Not only this, he recalled his previous letter sent to PM Modi in November 2025, urging the Centre to revise the paddy procurement target from 16 lakh metric tonne to the actual procurement level. Moreover, the Chief Minister pointed out in the letter that the Tamil Nadu Civil Supplies Corporation and the National Cooperative Consumers’ Federation of India Ltd have already procured 36.63 lakh metric tonne of paddy. He also noted that the Paddy procurement is continuing at an average rate of nearly 50,000 metric tonne per day and stated that the trend is expected to continue and the total procurement is likely to reach 47.50 lakh metric tonne of paddy during the year (2025-26).

Bundi basmati crisis: Rice worth ₹300 crore stuck at ports, 10,000 workers risk losing jobs

The Middle East conflict has sent shockwaves to the entire world, hitting several industries and sectors. One of them is the rice industry in Bundi, as according to industry representatives, around 3,75,000 quintals of Basmati rice worth over Rs 300 crore are stuck at seaports and in storage. They mentioned that the threat of unemployment looms over around 10,000 workers, 60% of them from Bihar, working in nearly 35 rice factories in Bundi –Kota, as owners consider halting production due to a lack of storage space. Notably, Neeraj Goyal, President of Bundi Rice Mill Association, stated that Bundi’s Basmati rice is exported to Iran, Iraq, UAE, Sudan, Turkey, Jordan, Alegria and some European Countries and revealed that exporters are also not able to receive pending payments; only a few significant buyers have released a small payment. Interestingly, nearly 25,000 tons of rice are processed per day in Bundi and Kota, 80 % of which is exported of UAE, Iran, and Iraq. Amid the War, the market rate of rice was Rs 80 per kg. Moreover, the war resulted in a halt in exports of nearly 3,75,000 quintals of rice. Apart from this, shipping companies transporting rice to Iran and Iraq have been denied insurance due to war conditions.

Aeroplane basmati rice exporter Amir Chand to launch ₹440-crore IPO on March 24

Basmati rice exporter Amir Chand Jagdish Kumar (Exports) Ltd is set to roll out its ₹440 crore initial public offering (IPO) on March 24. According to the red herring prospectus (RHP), the public issue will close on March 27, while the anchor investor bidding is scheduled to take place on March 23. The Haryana-based company's proposed IPO will comprise a fresh issue of equity shares entirely, with no offer-for-sale (OFS) component. Notably, the company plans to utilise the net proceeds from the issue to fund its working capital requirements and for general corporate purposes. Taxes on SME IPO gains and derivatives income. Interestingly, the Securities and Exchange Board of India (SEBI) granted its approval to the IPO in October 2025. The offer size has been decreased to ₹440 crore compared to the ₹550 crore issue size proposed in the Draft Red Herring Prospectus (DRHP) filed in June 2025. Significantly, Amir Chand Jagdish Kumar (Exports) Ltd is a processor and exporter of basmati rice in India since the company markets its products under the flagship brand Aeroplane, competing with the likes of other large basmati rice companies, including KRBL Ltd, LT Foods and Sarveshwar Foods, and several other unorganised processors. Besides the basmati rice business, the company has diversified into FMCG products, offering staples and other essential kitchen items. For the nine months ended December 31, 2024, the company reported revenue from operations of ₹1,421.3 crore and a profit after tax of ₹48.77 crore. The company's shares are proposed to be listed on the BSE and NSE.