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The Saudi Agricultural and Livestock Investment Company (SALIC) has announced its acquisition of a 9.2% stake in India-based basmati rice processing company, LT Foods.
Through the deal, SALIC aims to build a solid long-term partnership with LT Foods. The company, a subsidiary of Saudi Arabia’s Public Investment Fund, says that expanding the scope of international investments is one of its strategic goals to achieve national food security targets.
SALIC previously acquired a 30% stake in Dawaat, one of LT Foods’ major rice processing subsidiaries in India.
The total consideration for this latest deal is around SAR 209 million (approx. $53.2 million).
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