Riyadh - Mubasher: Saudi Agricultural and Livestock Investment Company (SALIC), owned by the Saudi Public Investment Fund (PIF), has acquired a 29.91% stake in India's Daawat Foods, a rice producer.

The agreement is in line with SALIC's strategy to invest in rice, one of its key products, and make the rice supply chain more efficient and robust, according to a recent press release.

Daawat Foods houses one of the five manufacturing facilities owned by India-based LT Group and contributes to nearly 22% of the group's total production.

It is noteworthy to mention that SALIC owns 13.7% of Hummingbird Technologies Limited that uses Artificial Intelligence (AI) techniques to provide farmers with crop input data.