NAFED to contribute and promote ‘International Year of the Millet’ 2023 on global scale
LT Foods, the leading basmati rice company, has set up a plant in the US for ready-to-heat organic rice with an investment of $ 5 million as it seeks to tap the huge market for this product in America.
The company is aiming to generate revenue of over $20 million in next five year from this product to be sold under organic food brand Eco-Life.
This plant is the company’s fourth facility outside India. It will produce 20 million pouches of ready to heat organic rice initially and expand to 70 million pouches by 2018.
The company already has a strong presence in the US through the Basmati rice brand ’Royal’. LT Foods will be leveraging their strong presence and experience to grow the US market even further.
LT Foods basmati rice brand ’Royal’ is the largest brand in the US with a market share of more than 40 per cent. The company had posted a turnover of about Rs 3,300 crore during last fiscal, and is continuously diversifying its product portfolio.