Growington Ventures India Ltd receives shareholders' approval for migration to Main board of BSE Ltd from SME Platform of BSE
Oct 09, 2023
PNN
Mumbai (Maharashtra) [India], October 9: Mumbai-based BSE SME listed company Growington Ventures India Limited promoted by CA Vikram Bajaj is soon likely to migrate to the main board of BSE Ltd from the SME Platform of BSE. The company also received the shareholders' approval for the same. The company in the board meeting dated July 15 had approved the migration of listing/trading of equity shares of the company from the SME platform of BSE to the main board of BSE Ltd. The resolution was passed through a postal ballot by the shareholders.
Growington Ventures Ltd is engaged in the business of supply chain from import of Fresh Fruits and distribution to corporate in hospitality and E-commerce company. The Company is professional managed with the vision to serves the fresh fruits in pan India market by sourcing of fruits from farms with tie up in Turkey, Vietnam, South Africa, Greece, Chile etc. Company's USP is to source the fresh fruits from farm with quality check with international standard packaging and quick logistic facility to deliver finest of quality fruits to valued customers. We have developed goodwill and brand for quality fruits. The Company has established a brand named as "GROWFAMIO"
The company has recently approved the conversion of the remaining 1.58 lakh Convertible warrants into 1.58 lakh equity shares of face value of Rs. 10 each. Consequent to the conversion of warrants/allotment of equity Shares, no any warrants remain pending for. Pursuant to conversion, the Issued, Subscribed and Paid-up Equity Share Capital of the Company stands increased to Rs. 16.05 crore consisting of 1.60 crore fully paid-up Equity Shares of Rs. 10 each.
For FY23, the company has reported multi-fold growth in the business. Sales for FY23 grew to Rs. 19.63 crore as compared to sales of Rs. 1.23 crore in FY22. Company earned net profit of Rs. 1.26 crore as compared to loss of Rs. 3 lakh in FY22. Company has performed well post covid and also declared bonus shares (24:100) in March 2023.
Company has wide portfolio of fruits like Apple, Orange, Mandarin, Pear, Kiwi, Dragon Fruit, Avocado, Red Globe Grapes, Plum, Nectarines, Peaches, Cherries, Blueberries, Grape Fruit, Mangosteen, Ram Bhutan, Longan, Dates, Tamarind, Dates and so on. Considering the health awareness and life style of Indian public, demand for variety of imported fruits has increased such as avocado, blueberry & dragon fruits. Company has created a highly Competent, Strong Procurement & Distribution Support team within and outside the India.
Considering the growth in business, management has plans for business expansion by having leased cold storage facility and setting up of Fruits & Spice processing unit near in MIDC, Navi Mumbai. It has plans for a FASSAI-approved spice processing unit with automatic grinding, separation and packing facility. Products will be Turmeric, Coriander, Cumin, Chili powder and other variety of Spices powder. Capital investment along with additional working capital will be approx Rs. 1000 Lacs. It has plans to have own E- Commerce portal for B 2 B and B 2 C along with own distribution network with cold chain to cater on national level. It has plans to become supply chain partner to cater company like Reliance, Big Basket, Godrej Fresh, More, Amazon and others for fruits, spices powder under own brand name.
Company has tied up with Vietnam & Turkey based company to source fresh fruits on long term basis. It is also planning to do a long term business in Joint Venture with Company of Vietnam. It has developed the regular customers in India to provide regular supply in Wholesale Market, Retail Stores, Hotels, Chain of Restaurant and online distributors of fresh fruits.
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