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(12 Jul 2024, 10:49)

LT Foods gains after new UK-based rice production facility commences operations

LT Foods advanced 3.83% to Rs 291.15 after the company announced that its step-down subsidiary LT Foods UK has commenced operations of its new facility in the United Kingdom (U.K.).

Located in Harlow, the new facility is spread over an area of 100,000 square feet and has a production capacity of 60,000 tonnes of rice per annum. This location would allow LT Foods to efficiently serve the U.K. market. The facility will offer both branded and private-label products. The company has already partnered with 4 leading retailers in the U.K. with plans to further scale this up.

The rice and rice-based food market in the U.K. is worth around £ 1 billion. To tap this opportunity, LT Foods has made an initial investment of £ 7 million in this new facility with a commitment of further investment upto £ 50 million in the coming years. The company is expecting annual revenue to the tune of £ 50 million over the next 2 years, with a targeted £ 100 million within the next 5 yea...

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