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Mumbai, July 7 (PTI) Leading basmati rice exporter LT Foods today said exports of the commodity are likely to exceed 2 million tonnes this fiscal (FY''11), in comparison to 1.7 million tonnes last year. "The country''s basmati rice exports are likely to be over 2 million tonnes this fiscal," LT Foods Managing Director V K Arora told reporters on the sidelines of an event here. LT Foods is eyeing the export of one lakh tonnes of its own basmati this year, an increase of 10 per cent over last year, he said. "Presently, we are focusing very hard on the US market, with an aim to increase our share from the current 40 per cent to 50 per cent this fiscal," he said. Asked about the outlook for rice production in the kharif season, Arora said that, "It is likely to be okay", but a definite view can only be arrived at after 2-3 months. Rice production is likely to be higher than last year on account of a better monsoon, he said. The company is also interested in overseas acquisitions, especially of rice-related companies which are value-adding in nature, he said. In 2007, LT Foods had acquired Kusha Inc, a large distribution company in the US..
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