LT Foods eyes bigger chunk of ready-to-cook meals, snacks
NEW DELHI : Packaged foods company LT Foods, widely known for its Daawat brand of rice, is eyeing a greater share of business from convenience foods such as ready-to-cook meals and snacks, with an aim to generate revenues of ₹800 crore from them by 2028-29. The move comes after the company set plans in motion to diversify from selling packaged rice under Daawat, which is sold both in India and exported to markets overseas. In 2017, LT Foods set up a joint venture (JV), Daawat-Kameda India Pvt.
Ltd, with Japan’s Kameda Seika to enter India’s snacking market. It subsequently launched rice-based snack Kari Kari in India in the same year. The company has already invested ₹60 crore in the JV with plans to launch more rice-based snacks as well as Japanese sauces.
“We will be making more investments. We are confident with the success of the products we launched in India. We will expand that portfolio around Japanese rice crackers and even Japanese condiments, etc.," said Amit Mehta, vice president, foods, and managing director, Kameda LT Foods India.
To be sure, the company already sells ready-to-heat and ready-to-eat products such as biryani kits and cup rice in the Americas, Europe, Middle East and in India. Mehta said the company is anticipating greater demand for convenience foods going forward, and is expanding capabilities as well as building a portfolio of products in line with shifting trends. “There are two platforms we are working on—one is an anytime, anywhere snacking platform, the second is meal kit solutions.
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