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LT Foods expands footprints to UK to tap £1 bn rice & rice-based food market
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Thursday, 25 July, 2024, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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LT Foods, the more than 70-year-old Indian-origin global FMCG Company in the consumer food space, has inaugurated a new state-of-the-art facility in United Kingdom.
With this new facility, LT Foods is set to revolutionise the rice market in UK and meet the growing demand for authentic and premium rice and rice-based food products. To ensure consumers experience the finest quality of rice and rice-based food products from the trusted brands of LT Foods, the facility will house the latest technology and state-of-the-art infrastructure.
Located in Harlow, the new facility is spread over an area of an impressive 100,000 square feet. This location offers strategic advantages, allowing LT Foods to efficiently serve UK market. To provide a diverse range of options to meet varying consumer demands, the facility will offer both branded and private-label products.
The rice and rice-based food market in UK is worth around £ 1 billion. To tap this opportunity, LT Foods has made an initial investment of £ 7 million in this new facility with a commitment of further investment upto £ 50 million in the coming years. The company is expecting annual revenue to the tune of £ 50 million over the next 2 years, with a targeted £ 100 million within the next 5 years. The company will also provide employment opportunities to local talent.
The company has already partnered with 4 leading retailers in UK with plans to further scale this up. Moreover, the facility boasts a production capacity of 60,000 tonnes of rice per annum, setting the stage for substantial growth in the coming years.
Vijay Arora, chairman & managing director, LT Foods, said, “We are very excited about our newest cutting-edge facility in the U.K. It is an important market for our future growth as we intend to make deep inroads in this market. LT Foods long-term goals include solidifying its market presence in the UK, becoming a leader in the rice and rice-based food segment, and continually innovating to meet the evolving demands of consumers. This new facility is a critical step in achieving these objectives and furthering LT Foods' mission of delivering high-quality rice products to global consumers.”
Ashwani Arora, managing director & CEO, LT Foods, said, “Our stakeholders have always been at the heart of our success. By expanding into the U.K., we aim to bring our high-quality offerings closer to consumers while ensuring that we continue to provide exceptional value to our stakeholders. The U.K. presents a unique opportunity for us to expand our market reach and cater to a diverse consumer base. This new facility is a testament to our strategic vision and our ability to adapt and grow in dynamic markets. With this new facility, we are confident that we will be able to enhance our market presence, drive growth, and deliver sustained value to all our stakeholders.”
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