Skip to content

Weekday Japan business intelligence for finance professionals.

Join the list
Tokyo Brief東 京 ブ リ ー フJapan's day, wrapped and delivered by morning.

Article

Kameda Seika Sells Its Entire Stake in Loss-Making Indian Rice-Cracker Venture

Kameda Seika will hand its full 49% stake in a loss-making Indian rice-cracker venture to majority partner LT Foods, ending a nine-year attempt to build the category there, with the sale price undisclosed and completion due in late October.

Sep 16, 20262 min readKAMEDA SEIKA CO.,LTD.2220
Illustration of a rice-cracker factory conveyor line with one belt stopped, symbolizing a company withdrawing from a joint manufacturing venture.

Kameda Seika will sell its entire 49% stake in KAMEDA LT FOODS (INDIA) PRIVATE LIMITED (KLT) to LT Foods Limited, the Indian basmati-rice company that already owns the other 51%. The board approved the sale on September 16, 2026, and the transfer agreement was signed the same day, with completion set for late October 2026. Once the deal closes, Kameda will hold zero shares and zero voting rights in KLT, which drops off its books as an equity-method affiliate.

The venture, based in Gurugram, Haryana, and led by Amit Mehta, was set up in March 2017 as Daawat KAMEDA (India) Private Limited to build a market for rice crackers in India. In each of the three fiscal years Kameda disclosed, KLT posted an operating loss. Net assets fell from 145,107 thousand rupees in the year to March 2024 to 89,411 thousand rupees the year after, then to negative 31,703 thousand rupees in the year to March 2026. Revenue reached 140,972 thousand rupees in that latest year, but the venture posted an operating loss of 58,415 thousand rupees and a net loss of 121,114 thousand rupees.

KLT's Financial Slide (thousand rupees)
Figures for KAMEDA LT FOODS (INDIA) PRIVATE LIMITED as disclosed by Kameda Seika.
MetricYear to March 2024Year to March 2025Year to March 2026
Net assets145,10789,411-31,703
Total assets183,492192,26274,440
Revenue77,702146,213140,972
Operating profit/loss-99,480-56,233-58,415
Net income/loss-98,316-55,696-121,114

Kameda is not disclosing the sale price. The company says the amount is below 15% of its consolidated net assets at the end of the prior fiscal year and is covered by a confidentiality agreement with LT Foods. It expects the impact on its results for the year to March 2027, including the second-quarter figures, to be minor.

Kameda frames the exit as following a restructuring of its North America business and a broader review of its overseas operations, saying the sale serves both KLT's growth and its own medium-to-long-term strategy. LT Foods, whose main business is domestic basmati-rice sales and exports, becomes KLT's sole owner once the transfer executes.