Wednesday, 7 Dec 2022

SALIC Acquires 9.2% in LT Foods

Riyadh-- The Saudi Agricultural and Livestock Investment Company (SALIC), a wholly-owned subsidiary of the Public Investment Fund (PIF) has announced on Thursday November 10th, 2022 the acquisition of 9.2% stake in LT Foods Limited, a leading Indian based basmati rice processing company via primary and secondary offering for a total consideration of circa. 209 million SAR, a transaction that is in line with SALIC’s directives to invest in targeted food commodities within the Kingdom’s food security strategy.

SALIC explained that expanding the scope of international investments is one of its strategic goals to achieve national food security targets, and this transaction aims to build a solid long-term strategic partnership with LT Foods following SALIC’s successful acquisition of 30% stake in Daawat, one of LT Foods major rice processing subsidiary in India.

LT Foods Limited 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 USD during 2021. Its flagship brands ‘Daawat’ and ‘Royal’ enjoy leading positions in India and USA respectively

Source: Saudi Press Agency

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