Saudi Arabia - The Saudi Agricultural and Livestock Investment Company (Salic), a wholly-owned subsidiary of the Public Investment Fund (PIF) has announced the acquisition of 9.2% stake in LT Foods Limited, a leading Indian basmati rice processing company via primary and secondary offering for SR209 million ($56 million).

LT Foods Limited is a 70-year-old consumer food company, listed on the National Stock Exchange of India since December 2006 delivering quality rice and rice-based food brands in more than 60 countries.

Salic said the move was mainly aimed at building a solid long-term strategic partnership with LT Foods following its successful acquisition of 30% stake in Daawat, one of LT Foods major rice processing units in India.

The company had recorded a consolidated revenue of around $715 million last year. Its flagship brands ‘Daawat’ and ‘Royal’ enjoy leading positions in India and US respectively, it added.

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