LT foods’s subsidiary, Nature Bio Foods has recently established a new facility in Uganda. An initial investment of 500,000 euros would be made by the company towards this facility. According to a company statement, the company expects to earn a revenue of 15 million euros over the next 3-4 years.
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LT Foods had in a regulatory filing stated that the new facility will be involved in the procurement and processing of Soya meal and help in the expansion of product portfolio, including chia seeds, sesame seeds and sorghum. The plant is expected to have a production capacity of 10,000 tonnes in the first year and the company intends to scale it up to 18,000 tonnes by 2024.
Ashwani Arora, MD & CEO, LT Foods stated – “We are delighted to announce the opening of a new facility in Uganda. This strategic move would enable us to de-risk our origin, diversify our products and diversify our origin of procurement. The move demonstrates our agility to adapt to the changing external scenario.”
Further, Arora added – “We are also focusing on extending the similar model to different origins that will help us drive our overall growth in the organic movement.”
Nature Bio Foods is an organic business arm of LT Foods. LT Foods is engaged in the sale of basmati rice through its brands, Daawat and Royal.