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Board of L T Foods approves consolidation of overseas subsidiaries

Capital Market 

At meeting held on 19 August 2019

The Board of L T Foods at its meeting held on 19 August 2019, with an intent to consolidate its International Business has approved transfer of investments (shares) in LT Foods International, U.K, (wholly owned subsidiary of the Company) to LT Overseas North Americas Inc., USA, another wholly owned subsidiary of the Company at fair value as determined by an independent merchant bank.

The above-mentioned transfer is a first step towards the long-term goal of the Company to consolidate its global businesses under one entity, thereby make its overseas business structure leaner.

LT Overseas NA currently houses the U.S business of the Company which accounts for c.36% of the consolidated revenues and LT Foods International Limited, U.K. currently houses the European operations of the Business which account for 6.40% of consolidated revenues for the year ended March, 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 19 2019. 19:02 IST