Posted by : Aahil Shaik Monday, May 25, 2020
Public Investment Fund acquires 29.9% of Indian Company in Rice Production
The Saudi Agricultural and Livestock Investment Company (SALIC), A subsidiary of the Public Investment Fund has acquired 29.91% of the Daawat Foods Ltd. (DFL) in India and a leader in the production of basmati rice, in line with its strategy to invest in rice with an aim to strengthen and make the rice supply chain more efficient and robust.
The Indian company owned by LT Group in India has witnessed revenue growth of more than 20% in the last 5 years and has been operating for 80 years in more than 80 countries to produce the finest types of rice with revenues of about 550 million dollars last year.
- Its most prominent brands have invitations and Royal leading place in India and the US with 29% and 45% market share respectively.
- It is to be noted that Salik company was established in April 2009 as a Saudi joint stock company owned by the Fund working in the field of agricultural and livestock in countries that enjoy comparative advantages to contribute achieving food security, provision of food products and stable food prices in Saudi Arabia.