The Competition Commission of India (CCI) approves acquisition of certain equity share capital of LT Foods Limited by SALIC International Investment Corporation under Section 31(1) of the Competition Act, 2002.

Acquirer

SALIC International Investment Corporation (SIIC) is an unlisted limited liability company based in Riyadh, Kingdom of Saudi Arabia. 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 the Kingdom of Saudi Arabia.

Targets

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.

Detailed order of the CCI will follow.

Merger control approval under the Competition Act: SALIC subsidiary cleared to acquire equity in LT Foods. The Competition Commission approved under Section 31(1) of the Competition Act, 2002 the acquisition of certain equity share capital of LT Foods Limited by SALIC International Investment Corporation, addressing merger control implications of the proposed change in ownership. The acquirer is a Saudi agribusiness investment company; the target is a global specialty rice consumer food company with an Indian subsidiary operating multiple rice brands.