NAFED to contribute and promote ‘International Year of the Millet’ 2023 on global scale
The acquisition entails strengthening of LT Foods in the branded jasmine rice market in the US
Gurugram-based LT Foods has announced the acquisition of a 51 per cent stake in Golden Star Trading Inc along with its brand Golden Star via its subsidiary LT Foods Americas (LTFA), with a call option to further acquire 49 per cent stake at the end of 3 years.
The acquisition entails strengthening of LTFA in the branded jasmine rice market. US speciality rice market includes jasmine rice and basmati rice, with jasmine rice being approx. three times bigger than basmati.
Goldern Star is one of the strongest brands in the jasmine rice market, particularly in the mainstream channel. Through this acquisition, LTFA will be able to leverage its robust distribution network across channels to further expand its share within the speciality rice market across North America.
At the same time, this acquisition will enable LTFA to have a more diverse and sizeable offering, thus strengthening its strong hold in the US speciality rice market.