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The board of directors of LT Foods has approved transfer of investments (shares) in LT Foods International Ltd, UK, to LT Overseas North Americas Inc, US, (both wholly-owned subsidiaries), at fair value determined by an independent merchant bank.
The move is a first step towards the long-term goal of the company to consolidate its global businesses under one entity, and thereby make its overseas business structure leaner.
LT Overseas NA accounts for about 36 per cent of LT Foods International Ltd and the UK division 6.40 per cent of consolidated revenues for the year ended March 2019. Shares of LT Foods surged 2.48 per cent at ₹22.75 on the BSE.
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