Saudi Agricultural and Livestock Investment Company , SALIC, has acquired 29.91 per cent stake in Daawat Foods Ltd. (“DFL”) from India Agri Business Fund.

SALIC, a fully owned by the Saudi Public Investment Fund (PIF), said the investment is in line with its strategy to invest in rice with an aim to strengthen and make the rice supply chain more efficient and robust.

DFL, a subsidiary of 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.

It caters largely to the demand from overseas markets and witnessed a revenue growth of over 20 per cent over a 5 –years= period. LT Foods Ltd. is an 80-year-old Consumer Food Company delivering the finest quality rice and rice-based food brands in more than 80 countries.