LT Foods rose 2.20% to Rs 74.35 after the company said that it has partnered with Humankind Group (HKG), USA to explore an opportunity to develop commercial-scale biomass plants.
The plants would help recycle rice paddy straw into green energy and bio-fertilizer in India under its Environment Sustainability Program.
The Biomass India Partnership is a new initiative with the aspiration to become the leading Indian forum for biomass up-cycling. Biomass India is facilitating the development of programs to eliminate the practice of burning agriculture and contribute to the creation of a waste-to-value ecosystem for sustainable products.
HKG is co-founder of Biomass India along with NL Works, the Embassy of the Kingdom of the Netherlands, FMO, and Grameena Vikas Kendram Society for Rural Development (GVK Society).
The technology of the biomass plant has been tested in the province of Punjab, where a biomass plant has been successfully operating since 2018. After demonstrating success of the first two plants HKG is planning to help scale up the number of plants to 130 facilities in India in the next ten years in collaboration with the Biomass India Partnership.
HKG has proposed LT Foods to become its local partner for the first commercial-scale biomass facility. LT Foods would play a key role in the success of the project through its local presence, knowledge of rice farming and a vast farmer network across key basmati rice growing areas. Both LT Foods & HKG plan to advance the partnership and facilitate the local ownership of the first biomass plant.
LT Foods is a leading player in the specialty rice and rice products business across the globe. The company portfolio includes Daawat - one of India's most consumed Basmati brand, Royal - North America's no. 1 Basmati player and other regional leading brands.
The company's consolidated net profit increased by 46.1% to Rs 66.33 crore on a 7.9% rise in net sales to Rs 1074.98 crore in Q3 FY21 over Q3 FY20.
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