Saudis SALIC acquires stake in Daawat Foods

LT Foods informed that Saudi Agricultural & Livestock Investment Company (SALIC) has acquired stake in Dawaat Foods, which is a subsidiary of LT Foods, the company said in a press release.

SALIC, through its subsidiary-United Farmers Investment Company (UFIC) is said to have acquired stake in Daawat Foods (DFL). The transaction in DFL entails an acquisition of 29.81 per cent stake of India Agri Business Fund, which is sponsored by Rabobank and 0.1 per cent stake of REAL Trust by UFIC for a total amount of USD 17.23 million. Post-acquisition, LT Foods will still continue to hold 70.09 per cent stake in DFL.

LT Foods is a consumer food company, producing organic agri-ingredients as well as delivering the finest quality rice and rice-based food brands, providing taste and nutrition in more than 80 countries. DFL is one of the manufacturing and sourcing arms of LT Foods and houses one of the five manufacturing facilities owned by LT Group in India and currently, contributes to around 22 per cent of Group’s total production. DFL has another plant in Sonepat (Haryana) that manufactures Kurkure for Pepsi Co.

SALIC was established as a Saudi joint stock company that is owned by Public Investment Fund (PIF) of Saudi Arabia.

On Friday, the stock of LT Foods closed at Rs 20.95, up by 0.72 per cent or Rs 0.15 per share. The 52-week high is Rs 32.80 and the 52-week low is Rs 13 on BSE.