LIC-Backed Stock Integra Essentia Secures Rs 150 Mn Order From Sarveshwar Group

Following the announcement by the company that its Agro Business received advance orders totalling approximately Rs 150+ million from M/s Sarveshwar Foods Limited, one of India's leading business houses, and its material subsidiary M/s Himalayan Bio Organic Foods Limited (Sarveshwar Group), the shares of Integra Essentia closed on the BSE 1.10% higher at Rs 7.32 apiece on Friday.

The company has established a long-term relationship with the majority of its customers, and it is currently aiming to supply agro-products valued at approximately Rs. 900 million annually to the Sarveshwar Group, an ISO 22000:2018 and USFDA (United States Food and Drug Administration) certified company. Additionally, the company's products hold certifications from the BRC (the largest global standard for food safety), Kosher, NPPO USA & CHINA, and NOP -USDA Organic.The order shall be completed within the current F.Y. i.e. by March 31' 2024.

The company has been working on similar long-term relationships with various famous business houses in India and abroad markets in order to grow the commercial operations for Agro-based Products. As part of its long-term business growth plan, Integra Essentia recently acquired the CHATEAU INDAGE Winery, enhancing its footprint throughout the consumable products supply chain.

"As an enduring sustainable business strategy, Integra Essentia Limited is aiming at synergetic amalgamations to tap into the business potential embedded in the ever-growing demand of life essentials and a wide variety of life essentials and lifestyle products, based on modern business approach of sourcing, producing and marketing of wide range of bulk and speciality materials and services," said Integra Essentia in a stock exchange filing.

IEL is a company that deals with essentials of life, such as food (agro products), clothing (textiles and garments), infrastructure (materials and services for building and developing infrastructure), energy (materials, products and services for renewable energy equipment and projects), and a wide range of other products and services. During Q2FY24, LIC held fully paid-up equity shares of 48,59,916 or 1.06% stake in the company.