RIYADH: The Public Investment Fund-owned Saudi Agricultural and Livestock Investment Co. has purchased a 9.2 percent stake in India-based LT Foods Limited totaling SR209 million ($44 million), said in a statement on Thursday.
In terms of expanding the scope of international investments, SALIC strives to invest in targeted food commodities within Saudi Arabia’s food security strategy.
In early 2020, SALIC acquired a 30 percent stake in Daawat which is one of LT Foods major rice processing subsidiaries in India.
The market listed company on India’s National Stock Exchange, LT Foods, recorded a consolidated revenue of around $715 million in 2021.