To bolster its presence in Maharashtra market
Sunpure has announced the acquisition of Riso, a leading premium edible oil brand from Maharashtra. Riso’s product portfolio includes groundnut oil, rice bran oil and sunflower oil. MK Agrotech, the Karnataka-based parent company, is looking to bolster Sunpure’s presence in the Maharashtra market, targeting a revenue of Rs 120 crore in FY 2023-’24 from the region.
Riso, one of the premium edible oil brands, enjoys 10% market share and is currently available across 8000+ retail outlets in Maharashtra. With this acquisition, Sunpure intends to accelerate its outreach in the state and aims to capture double the market share in the next two years.
As part of its ‘Make in India’ initiative, M K Agrotech has been actively building a portfolio of Indian oils, namely, rice bran oil, filtered groundnut oil and refined groundnut oil, with a view to reduce the country’s dependence on imported edible oils. With the acquisition of Riso, Sunpure is well poised to accelerate growth and expand its market penetration in the coming months.
The company plans to make dedicated investments in brand building, marketing and distribution. Earlier this year, Sunpure forayed into the Rs 25,000 crore branded spices market with the launch of Sunpure Red Chilli Powder, Sunpure Turmeric Powder and Sunpure Coriander Powder. The plan is to further expand Sunpure’s food product portfolio to include grains, pulses, dry fruit, and other food products, with a vision to strengthen the brand’s legacy of bringing together technology and tradition.