Indian conglomerate Future Group has entered into a joint venture with local rice supplier LT Foods that will see the two companies take equal stakes in a new business, Genoa Rice Mills.

Future’s consumer goods arm, Future Consumer Ltd, and LT Foods will each hold a 50% stake in Genoa, a new company the partners have formed through the venture.

The venture will focus on the sourcing, marketing, manufacturing, sales and distribution of Sona Masoori regional south Indian rice.

A spokesperson for LT Foods said Genoa Rice Mills would be based near Bangalore, with Future Group investing capital in the new entity’s production.

The partners will market the rice made by Genoa Rice Mills under its own brands, the LT Foods spokesperson added.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Future Consumer Ltd and LT Foods first agreed to examine ways to cooperate in the rice sector in March. The joint venture agreement is a “continuation” of these discussions, FCL noted. 

Further financial terms of the transaction were not disclosed.

Future Consumer Ltd noted the investment was part of its strategy to build the company as a “food and FMCG company for the next generation”.