Saudi Arabia’s Agricultural and Livestock Investment Company, Salic, has acquired 29.81 per cent of Daawat Foods Ltd (DFL) from the India Agri Business Fund.
The acquisition is in line with the Saudi investment company’s strategy to invest in rice, the aim being to strengthen the rice supply chain and make it more efficient and robust.
DFL owned by LT Foods, houses one of the five manufacturing facilities owned by LT Group in India and currently contributes to around 22 per cent of the total production of the group, Gulf News reports.
Ashwani Kumar Arora, DFL CEO welcomed the transaction arguing that Salic may help the company find opportunities in the Middle East, Trade Arabia reports.
“Partnership with Salic will help us to open up and create new opportunities for business in the Middle East besides strengthening our presence there. We also feel that this partnership shall help the Saudi firm make supply chain more efficient to and in the region,” he said.
Salic is owned by the Saudi Public Investment Fund (PIF).
