LT Foods is planning to set up a subsidiary in Africa for milling rice, as it prepares to service the continent’s growing local market, as mentioned in a media report. The company is also in talks with various players for setting up a local milling capacity in Africa. Further, the company plans to invest about $50 million in its African subsidiary over the next three years. The company plans to source the paddy locally and is also discovering ways for contract farming with local farmers.
LT Foods, formerly known as LT Overseas, is the leading processor and exporter of packaged rice under the flagship brand ‘Daawat’. The brand is among the top players in the domestic branded Basmati Rice markets. The ‘Daawat’ brand has been a great success in international markets as well. When it all began about 30 years ago, nobody could have even dreamt that the small trading company that came into being as Lalchand Tirathram Mills could one day be on its way to become a leading global food company.
