LT Group and Future Group will also work towards jointly developing and marketing a vast range of healthy snacks to be manufactured at Daawat Foods facilities, a subsidiary of LT Foods under the private label brand. In addition, the two business groups will also develop and market a wide range of organic staple foods being processed by Nature Bio Foods at its facilities in North India.
The integrated food parks being set up by Future Ventures India Ltd will provide end-to-end infrastructure and facilities for the food industry, capturing the entire value chain from sourcing to processing and packaging of food products and distribution to retailers. These parks are designed to provide an integrated facility for food processing enterprises and to enable farmers in the vicinity to sell their produce. The first integrated food park is being set up across 120 acres at a site near Bangalore.
Commenting on this partnership, Kishore Biyani, founder and group CEO, Future Group, said, "We are very excited to have LT Foods as a partner in our integrated food parks. Food consumption in India is largely in commodities and there lies a huge opportunity to provide customers with branded, value- added products that offer superior quality and health benefits and benefit everyone in the ecosystem."
"We strongly believe that working with Future Group will provide us a platform and tremendous opportunity to work more aggressively to realise our vision of customer delight through value-added agri-business," said V K Arora, CMD, LT Foods Ltd.
"This joint venture reinforces our strategy to create strong food print in the space of basmati and non-basmati rice, agri-foods and other staple foods, maximise potential of our state-of-the-art facilities backed up with vast experience and expertise of the highest quality to create long-term value for both the JV partners," said Ashwani Arora, joint managing director, LT Foods Ltd.
