LT Foods, the more than 70-year-old Indian-origin global FMCG Company in the consumer food space, has inaugurated a new state-of-the-art facility in Harlow.
With this new facility, LT Foods is set to revolutionise the rice market in the UK and meet the growing demand for authentic and premium rice and rice-based food products.
The new facility is spread over an area of an impressive 100,000 square feet. To provide a diverse range of options to meet varying consumer demands, the facility will offer both branded and private-label products.
The rice and rice-based food market in the UK is worth around £1 billion. To tap this opportunity, LT Foods has made an initial investment of £7 million in this new facility with a commitment of further investment upto £50 million in the coming years. The company is expecting annual revenue to the tune of £50 million over the next 2 years, with a targeted £100 million within the next 5 years. The company will also provide employment opportunities to local talent.
The company has already partnered with 4 leading retailers in the UK with plans to further scale this up. Moreover, the facility boasts a production capacity of 60,000 tonnes of rice per annum, setting the stage for substantial growth in the coming years.
Speaking on the occasion, Vijay Arora, Chairman & Managing Director, LT Foods said, “We are very excited about our newest cutting-edge facility in the UK. It is an important market for our future growth as we intend to make deep inroads in this market.”
Ashwani Arora, Managing Director & CEO, LT Foods said, “Our stakeholders have always been at the heart of our success. By expanding into the UK, we aim to bring our high-quality offerings closer to consumers while ensuring that we continue to provide exceptional value to our stakeholders.”
Sharing his thoughts, Vikas Magoon, Managing Director, LT Foods Europe B.V. said, “The opening of this new state-of-the-art facility in the UK is a testament to our commitment to meeting the rising demand for high-quality rice products among the consumers in the UK.”
