Kishore Biyani-led Future Consumer Ltd has entered into a pact with LT Foods Ltd and Genoa Rice Mills Private Ltd for sourcing, marketing and distribution of rice.
On March 8 this year, Future Consumer Ltd in-principally approved entering into a JV arrangement with LT Foods, a company undertaking the business of rice, for possible opportunities to manufacture, market and distribute rice and other products.
Future Consumer and LT Foods each will hold 50 per cent of the paid-up share capital of Genoa Rice Mills.
In a BSE filing today, Future said: "The company has entered into a joint venture agreement dated December 06, 2016 with LT Foods Ltd and Genoa Rice Mills Pvt Ltd for undertaking the business of manufacturing, marketing, sales, sourcing and distribution of 'Sona Masoori/regional South Indian rice'.
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