LT Foods has received approval for transfer of investments in LT Foods International, UK, a wholly owned subsidiary of the company, to LT Overseas North Americas Inc., USA, another wholly owned subsidiary of the company at fair value as determined by an independent merchant bank, with an intent to consolidate its international business. The Board of Directors of the company at its meeting held on August 19, 2019 has approved the same.
The above-mentioned transfer is a first step towards the long-term goal of the company to consolidate its global businesses under one entity, thereby make its overseas business structure leaner.
LT Foods is a branded specialty foods company. It is engaged in milling, processing and marketing of branded and non-branded basmati rice, and manufacturing of rice food products in the domestic and overseas market.