|
L T Foods has announced the inauguration of a new facility of its organic business arm, Nature Bio Foods in Uganda, Africa.
The move is a part of its risk mitigation and diversification strategy to make the business more sustainable. It is a proactive approach to expand the business and create a replica of the successful India model across geographies. This will further help L T Foods scale up the growth from the organic segment.
The new facility will be involved in the procurement and processing of Soya meal and help in the expansion of product portfolio, including Chia Seeds, Sesame Seeds and Sorghum. It will have a production capacity of 10,000 tonnes in the first year and aims to scale it up to 18,000 tonnes by 2024.
The initial Capital Expenditure (CAPEX) for this new facility is in the tune of €500,000. The company is eyeing revenue of €15 million in the next 3-4 years. The company will also provide employment opportunities to the local talent in Uganda. Presently, it has an employee count of 46 people, which will be scaled to 100 by the end of the year.
|