Processed food manufacturer Allana Group on Tuesday said it has picked a minority stake in consumer products firm LT Foods.
“The Group has picked up a one per cent stake in LT Foods with an investment of Rs 20 crore,” the company said in a statement.
Both companies have plans to use their synergies and technology transfer to expand LT Foods’ consumer products business to focus on value-added and impulse products, it added.
“We look forward to working with LT Foods and synergising our strengths,” Allanasons Director Fauzan Alavi said.
LT Foods is a leading player in the rice market with leading brands like Daawat, Royal and Devayya and has a network in over 65 countries.
Last year, LT Foods had acquired a 30 per cent stake in Leev.nu of the Netherlands through its subsidiary Nature Bio Foods BV with an option to acquire a further 21 per cent stake at the end of five years.
Allana group, established in 1865, is one of the largest exporters of branded processed food products and agro commodities to over 85 countries. PTI