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Saudi Arabia’s Salic to step up India agri investments


Saudi Arabia’s Salic, which has 29% minority stake in LT Foods subsidiary Daawat Foods, will step up investments in the Indian agricultural ecosystem, Salic and United Farms Investment Company group chief executive Sulaiman AlRumaih said, during an India visit this week.

“We are keen to deepen engagement with the Indian food processing sector; we are evaluating new investment opportunities,” he said.

Saudi Agriculture and Livestock Investment Company (Salic), wholly-owned by Public Investment Fund, will invest in agricultural projects and livestock production by partnering with governments across “multiple geographic areas”, the company said.

“With agriculture contributing over 15% to India’s GDP, there is a significant potential for us to invest in and help develop the Indian food processing sector,” he said.

The Indian food processing sector ranked number five globally is growing at a CAGR of 12% and expected to reach US $730 billion by FY24. It accounts for 32% of India’s food market and has an 11.6% share of employment in the domestic food industry. Low farm productivity, lack of mechanisation, high perishability and inadequate supply chains are some factors that impede food processing and exports.

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