SALIC buys important stake in India’s Daawat Foods Limited

By Backend Office, Desk Reporter
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    Saudi Agricultural & Livestock Investment Company (SALIC) has procured a stake in Daawat Foods Limited (a subsidiary of LT Foods) through its subsidiary United Farmers Investment Company.

    The transaction in DFL involves the procurement of a 29.81% share of India Agri Business Fund, supported by Rabobank and 0.1% stake of Real Trust, by United Farmers Investment Company for $17.23 million, said SALIC’s Official statement.

    SALIC is confident that the agreement will not have any influence on the shareholding of LT Foods Limited, as it has been carried out in its subsidiary company. Moreover, there is no variation in share owned by LT Foods Limited in its subsidiary DFL. LT Foods will continue to keep the balance stake of 70.09%.

    Ashwani Arora
    MD – LT Foods

    “It gives us lot of satisfaction to provide a rewarding exit to the Rabo Fund which has been a partner with us for close to 10 years and have added to our growth with its immense knowledge of this sector. It is also a matter of pride for us that this exit by them brings us a new strategic partner.”

    “Partnership with Salic will help us to open up and create new opportunities for business in the Middle East besides strengthening our presence there. We also feel that this partnership shall help the Saudi firm strengthen and make supply chain more efficient to and in the region,” Mr. Arora added