LT Foods announced that SALIC (Saudi Agricultural & Livestock Investment Company) has acquired a stake in its subsidiary Daawat Foods Limited through SALIC’s subsidiary United Farmers Investment Company.
The transaction in DFL entails acquisition of 29.81% stake of India Agri Business Fund, sponsored by Rabobank and 0.1% stake of REAL Trust, by United Farmers Investment Company, subsidiary of SALIC for an amount of $ 17.23 million.
“There shall be no impact on the shareholding of LT Foods Limited, as the transaction has been carried out in its subsidiary company. Further, there is no change in stake owned by LT Foods Limited in its majority owned subsidiary DFL. LT Foods shall continue to hold the balance stake of 70.09%,” the company said in its official release.
Speaking on the occasion, Ashwani Kumar Arora, Managing Director & CEO, LT Foods Limited said, “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 SALIC strengthen and make supply chain more efficient to and in the region.”
SALIC was established by on 14th April 2009 as a Saudi joint stock company that is owned by the Public Investment Fund of the Kingdom of Saudi Arabia. Its activity is in the field of investments in agricultural and livestock production in countries that have a competitive advantage in contributing to the production of selected food goods and their availability for export markets.
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