The Dubai headquartered Phoenix Group, a global agricultural and food company, plans to set up a rice mill with an investment of $50 million (₹325 crore) to process 250,000 of non-basmati rice per annum at Kakinada in Andhra Pradesh. The $2-billion agriculture-focussed company has also sounded out banks to procure stressed asset in food processing and rice mills. The company has raised $205 million (about ₹1,300 crore) through a consortium of seven banks led by Standard Chartered Bank, Singapore. The company plans to invest the remaining amount to boost its rice business in Mozambique, Benin and Ivory Coast as destinations, and India as origin. Supported by OFID (the OPEC Fund for International Development), the loan facility was over-subscribed with participation of BNP Paribas, RaboBank, First Abu Dhabi Bank, ICICI Bank and Shinhan Bank.