Diversified group DCM Shriram is all set to enter the hybrid seed business and would concentrate on positioning itself as a major global player.

At a meeting organised by the PHD Chamber of Commerce and Industry, Ajay Shriram, DSCL Chairman stated that the company is closely working with Manila-based International Rice Research Institute in order to develop new varieties.

While pointing out on DSCL’s involvement in agricultural extensions, Mr. Shriram said that his company would bring about 5 million hectares land under its flagship rural retail chain Hariyali Kisan Bazar.

The company, which currently operates 163 Hariyali Kisaan Bazaar outlets, plans to take that number to 300 by March 2009.

Besides, DCM will invest about Rs 70 million in Fenesta this year.

Earlier this week, the company registered a net profit of Rs 112.5 million for the quarter to March 31, largely driven by higher sugar sales and reversing a loss of Rs 148.2 million last year.

The company is expanding its chlor alkali capacity in Gujarat to 440 tonnes per day by March 2009 from 200 tonnes. It would add also 24 megawatts to its co-generation power capacity at its sugar units.

These expansions will add to the company's net profit and revenue, Mr. Shriram said.

Shares of the company, on Thursday (May 15) gained 3.89%, to settle at Rs 69.5 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 84,233.