Food Processing Latest News

Saudi Arabia’s SALIC, increases investment in Indian food and agri ecosystem

Saudi Arabia's SALIC, increases investment in Indian food and agri ecosystem

Saudi Arabia’s SALIC (Saudi Agricultural and Livestock Investment Company), which has a 29 per cent minority stake in LT Foods subsidiary Daawat Foods, will increase investment in the Indian agricultural ecosystem, said SALIC and United Farms Investment Company group Chief Executive Officer (CEO ) Sulaiman AlRumaih during this week’s visit to India.

We are eager to broaden our engagement with the Indian food processing industry; we are assessing new opportunities for investment, he told.

SALIC is a fully owned by the Public Investment Fund, will invest in agricultural and livestock production  projects by collaborating with government bodies across “multiple geographic areas” the corporation stated.

Also Read: 20 projects valued ₹ 363.40 cr to create jobs and food processing capacity

‘With agriculture sector contributing more than 15percent to India’s GDP, there is a great potential for us to make investments in and help to develop the Indian food processing industry,’ he added.

Global rank and growth hindrance

The Indian food processing industry ranked 5th worldwide is growing at a Compound annual growth rate (CAGR) of 12% and is projected to reach US $730 billion by FY24. It represents 32% of India’s food market share and has an 11.6% employment share in the domestic food industry.

Lower agricultural productivity, shortage of mechanisation, high highly perishable and inadequate distribution networks are factors that hinder food processing and exports.

Also Read:
– Heritage Foods wins National Energy Conservation Awards 2020
– Many of the foods we thought were vegetables are actually fruits!
– Increased livestock population led to raise in dairy incomes – Minister
– Need for revolution in ‘food processing industry’ in India through PPP mode – PM