Future Consumer ties up with LT Foods and Genoa Rice Mills
Under the agreement, FCL and LT Foods each will hold 50% of the paid-up share capital of Geneo. Photo: Pixabay
Future Consumer Limited (FCL) on Tuesday said that it has entered into a joint venture with LT Foods and Genoa Rice Mills.
It said in the release, “The joint venture is for undertaking the business of manufacturing, marketing, sales, sourcing and distribution of 'Sona Masoori/ regional South Indian rise, as per the terms and conditions agreed under the agreement.”
Under the agreement, FCL and LT Foods each will hold 50% of the paid-up share capital of Genoa.
Both (FCL and LT Foods) companies will have right to nominate two directors each on the board of Genoa to vote on reserved matters.
On March 08, 2016, the above mentioned companies decided to enter into the joint venture.
Recently, the Kishore Biyani-backed FCL saw net loss narrowing to Rs 16.17 crore for the Q2 result, against the net loss of Rs 28.66 crore in the corresponding period of the previous year.