The Hindu : Business : Flavoured rice from LT Overseas

Online edition of India's National Newspaper
Wednesday, Aug 16, 2006

Business

Business

Flavoured rice from LT Overseas

Special Correspondent

NEW DELHI: LT Overseas Limited, owner of the Daawat brand rice, is all set to launch a ready-to-cook flavoured rice.

According to V. K. Arora, Chairman and Managing Director of the company, "We have already developed successfully ready-to-cook flavoured rice varieties and will soon launch lemon, mushroom and tomato flavours."

He said flavoured rice preparation would be as simple as making noodles as the seasonings will be sold along with the rice. The company was confident that the new flavoured rice brand to be launched under the Daawat brand would find premium shelf space in the booming retail malls as also the street corner mom-and-pop kirana stores.

With a view to further strengthening its presence in the domestic market, LT Overseas has tied up with Bharat Petroleum Corporation Limited (BPCL) to sell its Daawat brand through its cooking gas outlets. The company has recently launched a sub-brand `Chef's Choice'.

Mr. Arora said "while demand for Basmati rice in the export market is rising at about 8-10 per cent annually, demand in the domestic market is more robust and the price realisation is equally good. As a result, we plan to focus more on the domestic market.''

The company is planning to make initial public offering and will issue 77 lakh shares of Rs. 10 each for cash at a premium.

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