The Competition Commission of India (CCI) on Tuesday approved the acquisition of certain equity share capital of LT Foods Limited by SALIC International Investment Corporation (SIIC) under the relevant section of the Competition Act, 2002.
SIIC is an unlisted limited liability company based in Riyadh. It is fully owned and controlled by Saudi Agricultural and Livestock Investment Company (SALIC).
SALIC is an investment company with holdings in various international companies specialized in the fields of agriculture and trading of food commodities both in Saudi Arabia and internationally.
SALIC's agri-business is focused on farming and procurement as well as importing commodities into Saudi Arabia, a release said.
LT Foods Limited (LT Foods) is a 70-year-old consumer food company engaged in the specialty rice-based foods business across the globe. LT Foods has a subsidiary Daawat Foods Limited (DFL).
The business of LT Foods and DFL in India comprises basmati and other specialty rice led by brands such as Daawat and other regional brands such as Heritage, Devaaya, Chef Secretz, Rozana, etc. catering to a diverse customer portfolio, ranging from value to premium consumers.
( With inputs from ANI )
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