LT Foods Incorporates Step-Down Subsidiary in Hungary

LT Foods Ltd has informed BSE Limited and the National Stock Exchange of India Ltd about the incorporation of a step-down subsidiary named LT Foods Hungary Holdings Kft. The announcement was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The new entity is a wholly owned subsidiary of LT Foods Europe Holdings Limited, which is itself a step-down subsidiary of LT Foods Ltd.

The newly incorporated company is registered under Company Registration No: 01-09-449137 and is located in Budapest, Hungary. The capital of the company is EUR 8,000. LT Foods Hungary Holdings Kft. will serve as an intermediate holding company for the proposed operations of LT Foods in Hungary. The main objective of the entity is to provide a better performance overview of Hungarian operations.

The incorporation of LT Foods Hungary Holdings Kft. is classified as a related party transaction. However, the promoters, promoter group, and group companies of LT Foods Ltd have no interest in this transaction beyond what is stated. The transaction is conducted at arm’s length.

There are no governmental or regulatory approvals required for this incorporation. Additionally, there is no indicative time period for the completion of any acquisition, as the entity is newly incorporated. LT Foods Europe Holdings Limited holds 100% of the shares in the new company, and the cost of acquisition is not applicable.

LT Foods Ltd is a global food company specializing in rice and rice-based food products. The company focuses on expanding its international footprint and enhancing its supply chain capabilities. It aims to strengthen its position in the global food market through strategic subsidiaries and partnerships.