Riyadh, Saudi Arabia — Saudi Agricultural and Livestock Investment Company (SALIC), a wholly-owned subsidiary of the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia, has acquired a 9.22% stake in LT Foods for SAR 209 million ($56 million), according to filings with stock exchanges.
SALIC said 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 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 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.
