LT Foods seeks growth in Europe, Mid-East as basmati demand surges

New Delhi

LT FOODS is targeting Europe and the Middle East for expansion after conquering the US market, as one of India's biggest basmati rice processors seeks to capitalise on surging demand for the aromatic grain.

Shares of LT Foods have more than doubled this year as the half century-old commodity trader increases focus on branded foods to exploit changing consumer desires in India and abroad.

"We want to concentrate and increase sales of our branded products, especially in the US and Europe, as we see huge potential there" and in the Middle East, Ashwani Arora, joint managing director, said on Monday in an interview in New Delhi. The Mumbai-listed firm bought the Gold Seal Indus Valley and Rozana rice brands from Hindustan Unilever last year to strengthen its presence in the Middle East. It purchased the 817 Elephant brand in July to further boost sales in markets such as t…