April 14/New Delhi, India/Deal Curry -- LT Foods Limited is acquiring two Europe-based companies -- Rice N Spice International Limited and A & A International -- for a total of $0.47 million.
The deal will establish LT Foods' footprint in the European market and will increase its “Daawat” brand of Basmati rice in Europe and the neighboring countries.
Both the target companies are engaged in distribution business of basmari rice and other food products.
Established in 2002, The Rice N Spice also supplies spices, nuts, lentils and various other Asian food products and brands for UK and Europe market. It distributes basmati brands like Falak, RNS, Double Horse, Devaaya, Areej and Sunbul and food products of Rajdhani, Cremica and Maniarr's.
Established in 1990, LT Foods is engaged in processing and sale of rice under the brand 'Daawat'. It also manufactures and sells parboiled rice. Its products are marketed in more than 50 countries and 60% of its revenues comes through exports.
In 2007, company acquired Kucha Inc, a U.S.-based company trading in rice, tea, etc.
From the April 15, 2011, Prepared Foods' Daily News.