New Delhi, Oct 12 (IANS): LT Foods has entered into a 51:49 joint venture with Japanese rice based snack maker -- Kameda Seika -- to manufacture and market rice based snacks in India, a company statement said here.

According to the company, it will be leveraging its own strong distribution network and supply chain to market the "Kari Kari" products -- branded snacks to be available in four flavors, Spice Mania, Salt & Pepper, Wasabi and Chili Garlic -- in India. The Japanese snack maker will provide necessary technology for manufacturing and flavor development.

"The company will invest around $5 million in the launch phase and plan to expand its presence across India in coming months," the statement said.

It aims to generate revenue of $15 million over the next five years from the Kari Kari brand.

"In the launch phase LT Foods in partnership with Kameda Seika, 'Kari Kari' will be available in Delhi-NCR, Mumbai and Bengaluru in exclusive tie-up with modern trade and premium stores," said the statement.

The company said India is only the fifth country outside Japan after US, Thailand, Vietnam and China where the Japanese snack maker has made an investment looking at the exponential growth in the premium snacks segment in the country.

"Growing urbanisation, rising disposable incomes, growing working class and increasing health consciousness is creating greater demand for innovative value-added products," said Ashwani Arora, Managing Director and Chief Executive Officer, LT Foods.

"The launch of 'Kari Kari' brand is our response to customers looking for healthy premium snacking," he added.