Leading basmati rice firm lt foods will invest US $20 million for branding and expansion in Europe, as it eyes a six times increase in sales from the branded segment over the next four years.
The company is extensively working on expanding its geographical footprints and product portfolio in these markets and plans to invest US $20 million with increased sales from the current 5,000 tonnes to 30,000 tonnes in the branded segment over the next four years, it said in a statement.
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.
“In the next two years we are eyeing to gain 5 per cent market share in the branded segment of this region with distribution expansion and continuous brand investments. This will help to take the growth to the next level and achieve the aspired targets,” Chairman, LT Foods, Vijay Kumar Arora said in a statement here.
It will also introduce new packaging across all its Daawat rice variants for a fresh shelf presence by march 2018 in the region.
The company which has presence in 65 countries, clocked a consolidated revenue of Rs 3,300 in financial year 2016-17.