May 25: LT Foods Ltd, an emerging global food company with focus on basmati and other specialty rice, organic foods and convenience rice based products, on Friday said that it has entered into a memorandum of understanding (MoU) with Wageningen Food & Biobased Research (WFBR), Netherlands, to promote the development of co-operation in the field of research and education.
“As a leading research institute, WFBR is renowned for its work on developing sustainable innovations in healthy food, fresh food chains and bio-based products. The collaboration with LT Foods is primarily, aimed at strengthening the paddy procurement processes of the company. The shared best practices will enable in-field testing for pesticide residues in paddy, thereby enhancing the value of the branded end product. With its wide customer base both in India and international markets, LT Foods will benefit from the exchange of innovative technologies that will aid in better alignment with global food/produce standards,” the company said in a statement.
According to the company, the agreement will enable LT Foods and WFBR to encourage and establish exchange of collaborative scientific research. The MoU also opens the prospect of exchanges of students and staff at the research facilities of both the parties, it said.
Welcoming the agreement, Ashwani Kumar Arora, Managing Director & CEO, LT Foods, said, “as technology evolves, skill sets must evolve too, especially for a company like LT Foods that is focused on the next level of innovations. This MoU is in-line with our vision to develop futuristic skillsets aligned to our requirements. Through these strategic partnerships, we aim to enter into projects like testing pesticides in the field, adopt best agricultural practices and to increase the crop yield. This is another initiative by us to build responsible agriculture best practices through world-class partnerships with institutions of global repute.”
Based in Delhi, LT Foods is a leading global processor and exporter of packaged rice foods under its flagship brands ‘Daawat’ and ‘Royal’. The company has presence in more than 65 countries and leading share in India and US. Recently, the company has announced that it is planning to set up its first European plant in Rotterdam this fiscal.
LT Foods shares were trading in red at Rs 76.90, down 8.01% from the previous closing of Rs 83.60, on BSE at 3.26 pm today.