SALIC Buys Stake in Daawat Foods Limited
Posted on 05/22/2020
SALIC (Saudi Agricultural & Livestock Investment Company), which is owned by Saudi Arabia’s Public Investment Fund (PIF), acquired an ownership stake in Daawat Foods Limited, a subsidiary of LT Foods Limited. SALIC bought the stake through its subsidiary United Farmers Investment Company. United Farmers Investment Company, India Agri Business Fund (sponsored by Rabobank), and REAL Trust, are buying the 29.81% stake in Daawat Foods Limited for US$ 17.23 million. LT Foods plans to hold the balance stake of 70.09% stake in Dawaat Foods.
Gurgaon-based Daawat Foods Limited operates as a producer of rice, making basmati and brown rice.
SALIC was established on April 14, 2009 as a Saudi joint stock company.