Latest News | CCI Approves SALIC International's Stake Purchase in LT Foods

New Delhi, Feb 14 (PTI) The Competition Commission of India (CCI) on Tuesday approved the purchase of stake in LT Foods by SALIC International Investment Corporation (SIIC).

SIIC is owned and controlled by Saudi Agricultural and Livestock Investment Company (SALIC).

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CCI has approved acquisition of certain equity share capital of LT Foods Ltd by SALIC International Investment Corporation, according to an official release.

Last year in November, LT Foods said it has raised nearly Rs 390 crore by selling shares to Saudi Agricultural and Livestock Investment Company (SALIC) through private placement.

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LT Foods is engaged in rice-based foods business, led by brands such as Daawat.

Deals beyond a certain threshold have to be approved by CCI, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)