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LTFOODS - L T Foods

📊 NSE: LTFOODS 🏢 Food - Processing - Indian 📅 Last Updated: 12/14/2025 9:08

📢 Recent Corporate Announcements

LT Foods Partners with KidZania to Launch DAAWAT® Factory Experiential Center

🟢 POSITIVE ⭐ 4/10

OTHER 📅 28 Apr 2026, 02:37 PM

LT Foods has collaborated with KidZania India to establish an immersive 'DAAWAT® Factory' aimed at children aged 4-14 to build long-term brand affinity. This marketing initiative highlights the company's 'farm to fork' journey and reinforces its premium positioning in the specialty rice segment. Financially, LT Foods remains strong with a consolidated revenue of approximately Rs. 8,773 crores for FY'25. The company continues to demonstrate robust growth with a 5-year Revenue CAGR of 16% and a PAT CAGR of 21%.

Launch of an experiential 'DAAWAT® Factory' at KidZania to educate children on Basmati rice processing.
Reported consolidated revenue of approximately Rs. 8,773 crores as of FY'25.
Maintains a strong 5-year Revenue CAGR of 16% and a PAT CAGR of 21%.
Global presence in 80+ countries with a distribution network of over 2,000 distributors.
Flagship brands include DAAWAT® in India and Royal® in North America.

💡 This initiative is a positive brand-building exercise that strengthens LT Foods' market presence and consumer engagement. Investors should view this as a sign of healthy marketing strategy supporting its long-term growth trajectory in the FMCG space.

LT Foods Appoints Ritesh Sud as CMO for India & Far East to Drive Brand-Led Growth

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 16 Apr 2026, 12:41 PM

LT Foods has appointed Ritesh Sud as Chief Marketing Officer for its India & Far East business to accelerate brand-led growth and premiumization. Mr. Sud brings over 20 years of FMCG experience from major companies like Tata Consumer Products and Perfetti Van Melle, where he managed iconic brands like Tata Tea and Alpenliebe. This appointment aligns with the company's strong financial trajectory, including a FY'25 revenue of Rs. 8,773 crores and a 5-year PAT CAGR of 21%. The move is expected to enhance marketing effectiveness and unlock new growth opportunities in high-growth food categories.

Ritesh Sud joins as CMO with 20+ years of experience at Tata Consumer Products and Perfetti Van Melle.
LT Foods reported consolidated revenue of approximately Rs. 8,773 crores for FY'25.
The company maintains a strong 5-year Revenue CAGR of 16% and a PAT CAGR of 21%.
Mandate includes driving premiumization and innovation-led go-to-market strategies in India and the Far East.

💡 This high-profile hire from a top FMCG peer signals a strong focus on brand building and market share expansion. Investors should monitor the execution of new marketing strategies and their impact on the company's premium product margins over the next few quarters.

LT Foods Shareholders Approve Director Re-appointments and MOA Alteration

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 10 Apr 2026, 02:33 PM

LT Foods Limited has successfully passed five resolutions via postal ballot, including the re-appointment of key directors and an amendment to the company's Memorandum of Association. While all resolutions were passed with the requisite majority, there was significant institutional dissent regarding the re-appointment of Independent Director Mr. Abhiram Seth, with 89.07% of institutional votes cast against him. Conversely, the appointment of Ms. Rima Gupta and the alteration of the Object Clause received 100% approval. These results ensure leadership continuity while signaling a potential shift in the company's operational scope through the MOA amendment.

Re-appointment of Mr. Abhiram Seth as Independent Director passed with 78.15% overall majority despite 89.07% institutional opposition.
Appointment of Mr. Ashok Kumar Arora as Whole-time Director approved with 95.20% of total votes in favour.
Alteration of the Object Clause of the Memorandum of Association (MOA) received unanimous 100% approval.
Total voter participation stood at 72.56% of the 34.72 crore outstanding shares.
Ms. Ambika Sharma's re-appointment as Independent Director was secured with 83.11% total votes in favour.

💡 Investors should monitor the company's future disclosures regarding the MOA object clause change to understand new business directions. The high institutional dissent on specific director re-appointments warrants a closer look at the company's corporate governance practices.

LT Foods Submits Annual Promoter Share Encumbrance Disclosure for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Apr 2026, 03:35 PM

LT Foods Limited has submitted its annual disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing confirms that the promoter and promoter group have declared their shareholding status and any encumbrances for the financial year ending March 31, 2026. This is a standard regulatory requirement to ensure transparency regarding promoter pledges. The disclosure indicates compliance with SEBI norms for the reported period.

Disclosure filed under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
Covers the promoter and promoter group shareholding for the financial year ended March 31, 2026.
The filing is a routine annual compliance requirement for listed Indian companies.
Submitted to both BSE Limited and the National Stock Exchange of India Ltd on April 02, 2026.

💡 No action is required as this is a routine regulatory filing. Investors should focus on the upcoming full-year financial results for fundamental performance cues.

LT Foods: Trading Window Closure from April 1, 2026 for Q4 and FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Mar 2026, 04:53 PM

LT Foods Limited has announced the closure of its trading window for all designated persons starting April 1, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial results announcement. The closure will remain in effect until 48 hours after the declaration of the audited standalone and consolidated financial results for the quarter and financial year ending March 31, 2026. This is a procedural filing and does not reflect any change in the company's business operations or financial health.

Trading window closure for designated persons begins on Wednesday, April 1, 2026.
The closure is in preparation for the Audited Standalone and Consolidated Financial Results for FY 2025-26.
Trading restriction applies to Directors, Designated Employees, Insiders, and their Immediate Relatives.
The window will reopen 48 hours after the financial results are officially declared to the exchanges.

💡 No action is required as this is a routine administrative filing. Investors should look forward to the upcoming Q4 and FY26 earnings release for actual performance data.

LT Foods CMO K. Ganapathy Subramaniam Resigns; Effective July 31, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 26 Mar 2026, 04:39 PM

LT Foods Limited has announced the resignation of Mr. K. Ganapathy Subramaniam from the position of Chief Marketing Officer (CMO) and Senior Management Personnel. He has been with the company for approximately 4.5 years and cited personal reasons for his departure. The resignation was accepted on March 25, 2026, but he will continue in his role until July 31, 2026, to facilitate a smooth transition. This long notice period suggests a stable handover process for the company's marketing operations.

Mr. K. Ganapathy Subramaniam resigned as Chief Marketing Officer effective July 31, 2026.
The executive completed a tenure of approximately 4.5 years with the company.
The resignation was formally tendered on March 22, 2026, and accepted on March 25, 2026.
A transition period of over four months has been established to ensure proper handover of duties.

💡 This is a routine management transition with a significant lead time, posing minimal immediate risk to operations. Investors should monitor the company's future announcement regarding a successor to lead its global marketing and brand strategies.

LT Foods Launches Limited-Edition DAAWAT Saffron Basmati Rice for Luxury Segment

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 17 Mar 2026, 11:18 AM

LT Foods has introduced DAAWAT® Saffron Basmati Rice, a first-of-its-kind limited-edition product targeting the ultra-premium luxury segment. This strategic launch aims to strengthen the company's premium portfolio and brand equity by using saffron sourced from Jammu & Kashmir. The company reported a consolidated revenue of approximately Rs. 8,773 crores in FY'25, maintaining a strong 5-year PAT CAGR of 21%. This move aligns with LT Foods' long-term vision of value creation through high-margin, niche product innovations.

Launch of DAAWAT® Saffron Basmati, a luxury limited-edition rice infused with J&K saffron.
LT Foods reported a consolidated revenue of Rs. 8,773 crores as of FY'25.
The company maintains a consistent 5-year Revenue CAGR of 16% and PAT CAGR of 21%.
Product is exclusively available through an 'expression of interest' model to maintain brand scarcity.
Strategic focus on premiumization to enhance margins and reinforce global brand leadership in 80+ countries.

💡 Investors should view this as a positive brand-building and margin-expansion move that reinforces LT Foods' dominance in the premium rice category. Maintain a positive outlook as the company continues to successfully execute its premiumization strategy.

LT Foods to Meet Philips Capital PCG Investors on March 17, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Mar 2026, 05:29 PM

LT Foods Limited has scheduled a virtual meeting with Philips Capital PCG (Investor Group) on March 17, 2026, at 11:00 AM IST. The meeting will be attended by the company's Chief Corporate Development Officer and Chief Financial Officer. This is a routine institutional investor interaction as per SEBI (LODR) Regulations, 2015. Such meetings are standard practice for management to discuss business outlook and performance with the investment community.

Virtual meeting scheduled with Philips Capital PCG (Investor Group) for March 17, 2026
Top management representation including the Chief Corporate Development Officer and CFO
Meeting scheduled to commence at 11:00 AM IST
Compliance filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements)

💡 Investors should monitor for any post-meeting transcripts or corporate presentations that may be uploaded to the exchange for insights into the company's growth strategy. No immediate trading action is required based on this routine disclosure.

LT Foods Schedules Virtual Meeting with Philips Capital PCG on March 17

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Mar 2026, 10:24 AM

LT Foods Limited has scheduled a virtual meeting with Philips Capital PCG (Investor Group) on March 17, 2026, at 11:00 AM IST. The meeting will be attended by the company's Chief Corporate Development Officer and the Chief Financial Officer. This disclosure is made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Such meetings are part of the company's regular engagement with institutional investors to discuss business performance and outlook.

Virtual meeting scheduled with Philips Capital PCG on March 17, 2026.
Participation from the Chief Financial Officer and Chief Corporate Development Officer.
Meeting is scheduled to commence at 11:00 AM IST.
Compliance with SEBI (LODR) Regulations, 2015, for investor interactions.

💡 No immediate action is required as this is a routine investor interaction; however, investors should monitor for any post-meeting presentations or transcripts for potential business insights.

LT Foods Seeks Shareholder Approval for Re-appointment and Appointment of Four Directors

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 09 Mar 2026, 03:04 PM

LT Foods Limited has initiated a postal ballot process to seek shareholder approval for several key board appointments. The company proposes the re-appointment of Independent Directors Mr. Abhiram Seth and Ms. Ambika Sharma for second five-year terms starting in 2026. Additionally, the board seeks to appoint Ms. Rima Gupta as a new Independent Director and Mr. Ashok Kumar Arora as a Whole-time Director. The e-voting period for these resolutions runs from March 10, 2026, to April 8, 2026.

Proposed re-appointment of Mr. Abhiram Seth as Independent Director for a 5-year term (2026-2031).
Proposed re-appointment of Ms. Ambika Sharma as Independent Director for a 5-year term (2026-2031).
New appointment of Ms. Rima Gupta as Independent Director for a 5-year term starting April 8, 2026.
Appointment of Mr. Ashok Kumar Arora as a Whole-time Director of the company.
E-voting period is scheduled for 30 days, concluding on April 8, 2026, with a cut-off date of March 6, 2026.

💡 Investors should monitor the voting results to ensure continuity in leadership and maintain confidence in the company's corporate governance standards. No immediate portfolio action is required as these are standard board rotations.

LT Foods Approves Key Board Appointments and Expansion into Lab Testing Services

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 26 Feb 2026, 05:17 PM

LT Foods has announced a significant reshuffle and strengthening of its Board, including the re-appointment of two Independent Directors and the addition of a new Independent Director, Ms. Rima Gupta. The company is also seeking shareholder approval to expand its business scope to include testing and research laboratory services for food and agricultural products. Mr. Ashok Kumar Arora, a member of the promoter group, has been appointed as a Whole Time Director for a three-year term. A postal ballot will be conducted to finalize these decisions, with the record date set for March 6, 2026.

Re-appointment of Mr. Abhiram Seth and Mrs. Ambika Sharma as Independent Directors for 5-year terms starting 2026.
Appointment of Mr. Ashok Kumar Arora as Whole Time Director for 3 years effective April 8, 2026.
Proposed amendment to the Memorandum of Association to include food and chemical testing laboratory services.
Record date for the Postal Ballot and e-voting process is fixed as March 6, 2026.
New Independent Director Ms. Rima Gupta brings nearly 40 years of strategic marketing and brand building experience.

💡 Investors should view the leadership continuity and the strategic move into laboratory services as positive steps toward business diversification and governance. Monitor the postal ballot results to confirm shareholder approval for these changes.

LT Foods Approves Key Board Appointments and Expands Business Scope into Lab Research

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 26 Feb 2026, 05:14 PM

LT Foods has announced a series of leadership changes, including the re-appointment of two Independent Directors, Abhiram Seth and Ambika Sharma, for second five-year terms. The company also appointed Ms. Rima Gupta as an Independent Director and Mr. Ashok Kumar Arora, a member of the promoter group, as a Whole Time Director for three years. Crucially, the board approved an amendment to the Memorandum of Association to allow the company to establish and run testing and research laboratories for food and agricultural products. These moves signal a focus on leadership continuity and a potential new revenue stream in quality testing and R&D.

Re-appointment of two Independent Directors for 5-year terms ending in 2031
Appointment of Ashok Kumar Arora as Whole Time Director for a 3-year term effective April 8, 2026
Addition of Ms. Rima Gupta to the board, bringing 40 years of marketing and brand strategy expertise
Amendment of MOA to include testing, research, and analysis services for food, chemicals, and agri-products
Postal ballot cut-off date set for March 6, 2026, to seek shareholder approval for these changes

💡 Investors should take confidence in the leadership stability and the addition of high-caliber marketing expertise to the board. The expansion into laboratory and research services suggests a strategic move toward vertical integration and quality control which could enhance brand trust and margins.

LT Foods Appoints New Directors and Expands into Food Testing & Research Services

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 26 Feb 2026, 05:13 PM

LT Foods has announced significant leadership updates, including the re-appointment of two Independent Directors and the addition of Ms. Rima Gupta to the board for five-year terms. Mr. Ashok Kumar Arora, a promoter group member, has been appointed as a Whole Time Director for three years. Most notably, the company is diversifying its business by amending its Memorandum of Association to include the operation of testing and research laboratories for food and agricultural products. These changes are subject to shareholder approval, with the voting eligibility cut-off set for March 6, 2026.

Re-appointment of Abhiram Seth and Ambika Sharma as Independent Directors for 5-year terms.
Appointment of Ms. Rima Gupta as Independent Director for 5 years effective April 8, 2026.
Appointment of Promoter Group member Ashok Kumar Arora as Whole Time Director for 3 years.
Strategic MoA amendment to enter the testing, research, and analysis laboratory sector for food items.
Postal ballot process initiated with a cut-off date of March 6, 2026, for shareholder voting.

💡 The move into laboratory services indicates a strategic diversification that could enhance quality control and create new revenue streams. Investors should monitor future CAPEX announcements related to these research facilities.

CRISIL Upgrades LT Foods Long-Term Rating to 'AA/Stable' on Strong Growth and Low Leverage

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 25 Feb 2026, 05:07 PM

CRISIL has upgraded LT Foods' long-term credit rating to 'AA/Stable' from 'AA-/Positive', citing a sustained improvement in business risk and market leadership. The company reported a 9M FY26 revenue of Rs 8,039 crore and expects to close the full fiscal year between Rs 10,500-11,000 crore. Financial metrics remain strong with a projected Debt/EBITDA ratio of 0.6-0.7x and interest coverage of 10-11 times. The upgrade is supported by healthy brand recall for Daawat and Royal, alongside successful geographic diversification across 80 countries.

Long-term rating upgraded to 'CRISIL AA/Stable' for Rs 880 crore bank facilities.
9M FY26 revenue rose to Rs 8,039 crore from Rs 6,453 crore in the previous year.
Projected FY26 Debt to EBITDA ratio of 0.6-0.7x indicates very low leverage and strong financial health.
Expected annual net cash accruals of Rs 800-900 crore to comfortably cover debt obligations and working capital.
Successfully acquired the remaining 49% stake in Golden Star Trading Inc, making it a wholly-owned subsidiary.

💡 The rating upgrade confirms LT Foods' improving financial resilience and efficient capital management. Long-term investors can remain positive as the company scales its branded business while maintaining a conservative debt profile.

LT Foods: US DoC Reduces CVD Rate on Organic Soybean Meal to 75.48% from 340.27%

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 25 Feb 2026, 05:02 PM

The US Department of Commerce (US DoC) has issued a final order significantly reducing the Countervailing Duty (CVD) rate for LT Foods' subsidiary, Ecopure Specialities Limited. The duty rate on organic soybean meal exports has been slashed from a provisional 340.27% to a final 75.48%. This adjustment follows an administrative review of sales totaling Rs. 50 crore for the 2023 calendar year. While the duty remains substantial, the massive reduction from the initial 'adverse facts' assessment provides significant relief for the company's US export operations.

Final CVD rate reduced to 75.48% from a provisional high of 340.27%
Impacts Ecopure Specialities Limited, a step-down subsidiary of LT Foods
Relates to organic soybean meal sales of Rs. 50 crore during Jan-Dec 2023
The US DoC moved away from the extreme 'adverse facts available' (AFA) methodology in the final determination

💡 Investors should welcome this reduction as it significantly lowers the potential liability and improves the viability of the organic segment, though the 75% duty still warrants monitoring for margin impact.

View All LTFOODS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Basmati and Specialty Rice grew 24% in H1 FY26 (normalized 11.4% excluding acquisitions); Organic segment grew 26% YoY in H1 FY26 and 29% in FY25 to reach INR 933 Cr; Convenience segment (RTE/RTC) grew at a healthy CAGR but remains loss-making due to small scale.

Geographic Revenue Split

Middle East contributes 10% of total revenue; US operations represent a significant portion with 55-60% market share in the branded Basmati segment; UK and Europe are key growth drivers following the July 2024 manufacturing facility launch.

Profitability Margins

Gross profit reached INR 3,030 Cr in FY25; Operating margins moderated slightly to 12% in FY25 from 12.5% in FY24 due to higher freight costs; PAT has sustained a 5-year CAGR of 21% through FY25.

EBITDA Margin

EBITDA margin was 11.4% in Q2 FY26, down 60 basis points from 12% in Q2 FY25, primarily due to increased brand investments and digitalization costs; FY25 consolidated EBITDA margin stood at 12.1%.

Capital Expenditure

Acquisition of Global Green Kft in Hungary for an Enterprise Value of approximately EUR 25 million (INR 225 Cr approx.) to expand into the EUR 15 billion European processed canned food market; UK manufacturing facility commissioned in July 2024 to serve top grocery retailers.

Credit Rating & Borrowing

CRISIL rating of AA-/A1+ with a positive outlook as of July 2025; Ind-Ra rating reflects low net leverage of 0.5x to 0.6x; Company issued INR 25 Cr in Commercial Papers in June 2024.

⚙️ Operational Drivers

Raw Materials

Basmati paddy, non-Basmati rice, organic soybeans (representing INR 50 Cr sales for ESL), lentils, chickpeas, kidney beans, and spices like turmeric and cumin.

Import Sources

Sourcing is diversified across India, Thailand, Myanmar, Africa (Uganda for organic soya), and Turkey to mitigate regional supply shocks and regulatory shifts.

Key Suppliers

Deep-rooted relationships with Indian farmers and Organic Farmer Producer Organisations (FPOs); procurement also involves international sources in Thailand and Africa.

Capacity Expansion

Current milling capacity of 123 tonnes per hour in India and 8 tonnes per hour in Europe; expansion includes a third manufacturing hub in Hungary via the Global Green Kft acquisition.

Raw Material Costs

Raw material costs are subject to agro-climatic risks and seasonality; Basmati requires 12-18 months of aging, leading to high inventory carrying costs; reliance on borrowings for working capital reduced to less than 20% in FY25.

Manufacturing Efficiency

Digital transformation aims to drive 1.5x to 2x business value; parboiling, aging, and milling units are certified under FSSC 22000 and BRC standards for global compliance.

Logistics & Distribution

Distribution network includes 1,400+ distributors and 195,000+ outlets in India; freight cost increases in FY25 caused a 50 bps margin compression, though costs have since stabilized.

📈 Strategic Growth

Expected Growth Rate

16%

Growth Strategy

Achieving growth through 'LT Foods 3.0 Vision' focusing on premiumization, expanding into the Middle East and Far East, and inorganic growth like the EUR 25 million Global Green acquisition; targeting +14% EBITDA margins within 4 years.

Products & Services

Branded Basmati rice, Jasmine rice, organic pulses, oilseeds, spices, and Ready-To-Eat (RTE) / Ready-To-Cook (RTC) meals like Quick Cooking Red and Black rice.

Brand Portfolio

Daawat, Royal, Devaaya, Rozana, Heritage, Golden Star, and Chef’s Secretz.

New Products/Services

Launched Daawat Quick Cooking Red Rice and Black Rice; expansion into the EUR 15 billion European canned food market via Global Green Kft acquisition.

Market Expansion

Opening a subsidiary and office in Saudi Arabia to capture Middle East demand; expanding UK private label presence with 4 of the top 5 grocery retailers.

Market Share & Ranking

Holds 55-60% market share in the US branded Basmati market; leading position in the global Basmati and specialty rice industry.

Strategic Alliances

Partnership with SALIC (FII holding 9.2% stake); acquisition of 100% stake in Golden Star to consolidate US market leadership.

🌍 External Factors

Industry Trends

Shift toward sustainable and organic food (Organic segment grew 26%); rising demand for convenience (RTE/RTC); industry is evolving toward digital supply chains and seed-to-shelf traceability.

Competitive Landscape

Competes in the global specialty rice and organic food market; maintains leadership through premiumization and a robust distribution network of 1,400+ distributors.

Competitive Moat

Moat built on 70+ years of industry experience, strong brand recall (Daawat/Royal), and a massive aging infrastructure that competitors cannot easily replicate; sustainability is reinforced by ESG initiatives and FPO networks.

Macro Economic Sensitivity

Sensitive to global food inflation and trade policies; revenue grew 12% in FY25 despite geopolitical volatility, showing resilience in non-discretionary food categories.

Consumer Behavior

Increasing consumer preference for health-oriented and convenience-seeking products, driving the launch of quick-cooking specialty rice varieties.

Geopolitical Risks

Susceptible to trade restrictions and export regulations; currently managing a 340% US countervailing duty case and Indian government restrictions on non-Basmati exports.

⚖️ Regulatory & Governance

Industry Regulations

Subject to stringent international food safety standards (FSSC 22000, BRC, ISO); impacted by US Department of Commerce 'adverse facts available' methodology in duty assessments.

Environmental Compliance

First Indian food company to receive the CII Food Safety Award; implementing blockchain-based traceability and climate-resilient farming training for FPOs.

Taxation Policy Impact

Effective tax rates not specified, but the company adheres to Ind AS; dividend distribution is governed by a formal policy linked to SEBI Regulation 43A.

Legal Contingencies

Pending final determination (expected Nov 17, 2025) on a 340% countervailing duty (INR 170 Cr) levied by the US Department of Commerce against subsidiary Ecopure Specialities Limited.

⚠️ Risk Analysis

Key Uncertainties

Final verdict on US CVD could impact organic segment profitability; rainfall variability in Haryana and Punjab (1-1.5% output growth) affects raw material availability.

Geographic Concentration Risk

Diversified across 80+ countries, but US and India remain primary revenue hubs; Middle East accounts for 10% of revenue.

Third Party Dependencies

High dependency on farmer networks and FPOs for organic sourcing; sourcing diversified across Thailand and Africa to reduce single-country regulatory risk.