SALIC acquires 9.2% of India's LT Foods for SAR 208 mln

SALIC headquarters

Saudi Agricultural and Livestock Investment Co. (SALIC), a wholly-owned subsidiary of the Public Investment Fund (PIF), announced today, Nov. 10, acquiring a 9.2% stake in India's LT Foods.

 

In a statement, SALIC added that the acquisition, valued at nearly SAR 208 million, was carried out through increasing SALIC's capital and owning shares from major shareholders.

 

The deal comes in line with SALIC’s directives to invest in target food commodities within the Kingdom’s food security strategy.

 

The acquisition aims to build a solid long-term strategic partnership with LT Foods, following SALIC’s successful acquisition of a 30% stake in Daawat, one of LT Foods major rice processing arms.

 

LT Foods is a 70-year-old consumer food company, listed on the National Stock Exchange of India since December 2006, delivering the finest quality rice and rice-based food brands in more than 60 countries. The company recorded a consolidated revenue of around $715 million in 2021. Its flagship brands, Daawat and Royal, enjoy leading positions in India and the US, respectively.

 

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