SALIC acquires 9.2% of India’s LT Foods for about SR209 mln

The Saudi Agricultural Investment and Livestock Production Company (SALIC), wholly owned by the Public Investment Fund, announced today, Thursday, its acquisition of 9.2% of the Indian company LT Foods, which is specialized in the field of basmati rice, by raising the company’s capital and buying shares from the main owners for the company.

The value of the deal amounted to approximately 209 million riyals, 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 foreign investments is one of its strategic goals to achieve national food security goals, explaining that the acquisition aims to build a solid strategic partnership after the achievements made during the past three years after the acquisition of 30% of SALIC’s company, Daawat Foods Ltd., which is one of the manufacturing and supplying arms of LT Foods.

It is noteworthy that LT Foods, which was established 70 years ago and listed on the Indian National Stock Exchange since December 2006, is a pioneer in the field of rice and rice specializing in food products and organic businesses, providing its products to more than 60 countries around the world. .

Last year, the Indian company’s revenues amounted to about $715 million, and its portfolio includes a group of brands, most notably “Dawat” and “Royal”, the most popular and most consumed of its products in India.