LT Foods to form JV with Japan’s Kameda Seika

25/11/2016 16:33

LT Foods Ltd, the maker of Daawat branded rice, on Friday said that it will enter into a JV with Japanese Snack Food major Kameda Seika to manufacture and market rice based snacks in India.

In a filing to the Bombay Stock Exchange, LT Foods said, “The company is entering into a JV with Kameda Seika of Japan to manufacture and market rice based snacks in India.”

Kameda is the global leader in rice based snacks and it commands about 30 per cent market share in Japan and has a prominent presence in the gluten free cracker market in the United States.

Through this partnership, the JV will introduce rice based snacks with proprietary Japanese technologies developed over 30 years, it said.

These products have been highly successful in South East Asia and the US. The joint venture plans to launch 4 different flavours customized for palate of Indian consumers, the company said in a statement.

The company further said that, once JV has cultivated and established a stable position enough in Indian market, the JV will look at exporting the product to regional markets in South Asia.

The JV will start manufacturing the snack range in Sonepat later in the next financial year, it added.

Meanwhile, shares of the company closed at Rs 261.60 apiece, up 1.79 per cent, from previous close on BSE.

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