Mumbai: LT Overseas, manufacturer of ‘Dawat’ brand basmati rice said on 24 December it has acquired US-based Kusha Inc for an undisclosed amount.
The acquisition was carried through LT Overseas North America Inc, California, a wholly-owned subsidiary of the company, LT Overseas said in a communique to the Bombay Stock Exchange.
“With this acquisition, the company will consolidate its share in the US market and expects to emerge as the leading player,” it said.
Kusha Inc with revenues of around $40 million currently holds a substantial share of the US rice market, the company informed.
Shares of the company were last trading at Rs80.50, up 4.34% on the BSE.