Shares of LT Foods gained over 6% to a day’s high of Rs 297.75 on 12 July after the company announced its expansion in the UK with a new rice production facility.

LT Foods has inaugurated a new facility in the UK to enter the £1 billion rice-based food market. It aims to cater to the increasing demand for authentic and premium rice products in the United Kingdom. This expansion is focused on meeting the growing market demands for rice and rice-based foods in the UK.

The firm has invested £7 million initially in its new UK facility and plans to invest up to £50 million more in the future. It is located in Harlow and spanning upto 100,000 sq ft., while enjoying a strategic location edge. It will produce branded as well as private-label products, according to LT Foods.

LT Foods anticipates generating £50 million in annual revenue from the Harlow facility over the next 2 years, with a target of £100 million in 5 years. It has partnered with four major UK retailers and aims to expand its partnerships further around the globe.

The company plans to create job opportunities for the local talent in the UK. The facility currently has a production capacity of 60,000 tonnes of rice annually, and likely to increase in the future.

At 3:30 PM, the shares of LT Foods closed 2.07% higher at Rs 286.20 on BSE.

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