LT Foods on Wednesday announced the inauguration of a new facility of its organic business arm, Nature Bio Foods, in Uganda. This is part of the packaged food’s diversification strategy for a sustainable business.
The initial investment for this new facility is in the tune of €500,000. The company is eyeing revenue of €15 million in the next 3-4 years, it added
“The new facility will be involved in the procurement and processing of Soya meal and help in the expansion of product portfolio, including Chia Seeds, Sesame Seeds and Sorghum. It will have a production capacity of 10,000 tonnes in the first year and aims to scale it up to 18,000 tonnes by 2024,” the statement added.
Ashwani Arora, Managing Director and CEO, LT Foods, said, “We are delighted to announce the opening of a new facility in Uganda. This strategic move would enable us to de-risk our origin, diversify our products and diversify our origin of procurement. The move demonstrates our agility to adapt to the changing external scenario.”
“We are also focusing on extending the similar model to different origins that will help us drive our overall growth in the organic movement,” he added.