SALIC (Saudi Agricultural & Livestock Investment Company) through its subsidiary United Farmers Investment Company has acquired stake in LT Foods’ subsidiary -- Daawat Foods (DFL).
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, as the transaction has been carried out in its subsidiary company. Further, there is no change in stake owned by LT Foods in its majority owned subsidiary DFL. LT Foods shall continue to hold the balance stake of 70.09%.
LT Foods is a branded specialty foods company. It is engaged in milling, processing and marketing of branded and non-branded basmati rice, and manufacturing of rice food products in the domestic and overseas market.
