New Delhi, Nov 25 (PTI) LT Foods, a leading player in the basmati and speciality rice segment, on Monday said it has entered Saudi Arabia with an aim to tap a USD 2 billion rice and rice-based food market.
With Saudi Agricultural and Livestock Investment Company (SALIC) as a strategic shareholder, LT Foods is also gearing up to set up local manufacturing facilities in the Kingdom, a company statement said.
"LT Foods plans to invest SAR 185 million (around Rs 415 crore) in warehousing, stocks, and staffing over the next five years in the Kingdom. It is eyeing a revenue of SAR 435 million (Rs 976 crore) over the next five years," it said.
LT Foods, which owns basmati rice brands -- Daawat and Royal - has opened a new office in Riyadh intending to tap the growing demand for authentic and premium rice and rice-based food products.
The move is part of the company's strategic vision of expanding its global footprint to newer geographies, the company said in the statement.
Its Chairman & Managing Director Vijay Arora said, "We have built successful businesses in every market where we have set up our operations. We have provided quality products and premium food offerings to consumers. LT Foods has also added significant value to the economy and its operations."
"We are now very excited to expand our footprint in Saudi Arabia," Arora added.
LT Foods brands - Daawat, Hadeel and Mufaddal, have long been a part of the Kingdom of Saudi Arabia (KSA).
"With SALIC being a strategic shareholder in LT Foods, we are now expanding our footprint in the KSA with warehouses and are prepared to establish local manufacturing," he said.
LT Foods, which has a consolidated revenue of around Rs 7,822 crore in FY24, has strategically located Processing Units in India, the US and Europe, and a distribution network with over 1,400 distributors across the globe.