LT Foods acquires 30 pc stake in Netherlands-based Neev.nu
Jan 20, 2021
New Delhi [India], January 20 : LT Foods Ltd on Wednesday announced the acquisition of 30 per cent stake in Leev.nu BV, a Netherlands-based organic specialty food company.
The acquisition deal through its subsidiary Nature Bio Foods BV has an option to acquire further 21 per cent stake after five years. A private equity investor called & Did-It with experience in worldwide trading of organic products has also taken a stake in Leev.nu BV.
Vijay Kumar Arora, Chairman and Managing Director of LT Foods, said Leev.nu will now have access to 100 per cent organic products grown by Nature Bio Foods's network of 60,000-plus organic farmers which cultivate in 80,000 hectares of certified organic land in India.
"Now consumers will enjoy finest organic ingredients from India with local distribution in the Netherlands. This will further promote the share of India's organic in European Union," he said in a statement.
Leev.nu has a portfolio comprising breakfast bars, healthy snacks, baking range and gluten-free low-sugar products that promote an active and healthy lifestyle. It is now venturing into organic wholegrains category like oats and flax seeds.
LT Foods is a leading processor of rice and other speciality foods in India. At 2:20 pm, its stock was trading 0.5 per cent higher on BSE Ltd at Rs 55.75 per unit.
