The Competition Commission of India on Tuesday approved the purchase of stake in LT Foods by SALIC International Investment Corp.
SIIC is owned and controlled by Saudi Agricultural and Livestock Investment Company.
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 through private placement.
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.
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