LT Foods picks 30% stake in Dutch packaged foods firm Leev

By 22 Jan 2021

LT Foods, which sells packaged rice under the Daawat, Heritage and Royal brands, on 20 January 2021 announced the acquisition of 30% stake in Leev.nu, a Netherlands-based organic specialty food company.

The move comes just weeks after the company expanded its manufacturing capabilities in Europe by commissioning a new packaging line at its plant in Rotterdam, Netherlands. LT Foods has five processing facilities in India, two packaging units and one ready-to-heat facility in the US, and one processing facility in Rotterdam.

The acquisition deal through its subsidiary Nature Bio Foods BV has an option to acquire further 21% stake after five years. A private equity investor Did-It, with experience in worldwide trading of organic products, has also taken a stake in Leev.nu.

Vijay Kumar Arora, chairman and managing director at LT Foods, said: "Leev.nu will now have access to 100% organic products grown by Nature Bio Foods' network of 60,000-plus organic farmers, who cultivate 80,000 hectares of certified organic land in India.

"Now, consumers will enjoy finest organic ingredients from India with local distribution in the Netherlands. This will further promote the share of India's organic in European Union."

Leev.nu has a portfolio comprising breakfast bars, healthy snacks, baking range and gluten-free low-sugar products that promote an active and healthy lifestyle. It is now venturing into organic wholegrain categories such as oats and flax seeds.

LT Foods is one of the leading processors of rice and other speciality foods in India. A 70-year-old consumer food company has presence in more than 60 countries. The company has consolidated revenue of around Rs 4,184 crore as on FY20.

Tags: LT Foods

 

 

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