Saudi Arabia based Salic has 29 percent controlling interest in LT Foods subsidiary Daawat Foods, will ramp up investments in the Indian agricultural landscape, according to Salic and United Farms Investment Company group chief executive Sulaiman AlRumaih.
"We are quick to extend commitment with the Indian food handling sector; we are assessing new investment openings," he said.
Salic, entirely owned by Public Investment Fund, will put resources into agrarian ventures and livestock creation by joining forces with governments across "numerous geographic territories", the organization said.
"With agribusiness offering more than 15 percent to India's GDP, there is a huge potential for us to put resources into and help build up the Indian food processing sector," he said.
Food processing sector of India is positioned number five around the world is developing at a CAGR of 12 percent and expected to touch US $730 billion by FY24. It represents 32 percent of India's food market and has a 11.6 percent portion of employment in the homegrown food industry. Low farm profitability, absence of motorization, high perishability and insufficient inventory chains are a few factors that obstruct processing of food and its exports.
