Leading basmati rice firm LT Foods is planning to invest $20 million for branding and expansion in Europe. The company is extensively working on expanding its geographical footprint and product portfolio.
LT Foods is eyeing a six times increase in sales from the branded segment over the next four years. The company plans to increase its sales from the current 5,000 tonnes to 30,000 tonnes.
LT Foods which sells basmati rice under Daawat brand, has been focusing on Europe as the next growth region and has recently opened a new plant in Rotterdam, Netherlands to cater to both Europe and UK.
The company is aiming to gain 5 per cent market share in the branded segment with distribution expansion and continuous brand investments.
The company feels that this will help to take the growth to the next level and achieve the aspired targets. It will also introduce new packaging across all its Daawat rice variants for a fresh shelf presence by March 2018 in the region.