LT Foods, a major player in the basmati and speciality rice segments, has announced its entry into Saudi Arabia’s $2 billion rice market. The company aims to establish a significant presence by investing SAR 185 million (₹415 crore) over the next five years.
With the Saudi Agricultural and Livestock Investment Company (SALIC) as a strategic shareholder, LT Foods plans to build local manufacturing facilities and expand its distribution network. The company is targeting SAR 435 million (₹976 crore) in revenue from the region within the same period, it stated on Monday.
The move aligns with LT Foods’ broader strategy of global expansion, focusing on emerging markets with a growing appetite for premium rice products. To support its operations, the company has opened a new office in Riyadh and plans to develop warehousing, stocks, and staffing infrastructure.
Vijay Arora, Chairman and Managing Director of LT Foods, expressed confidence in the company’s ability to replicate its success in other markets. “We are excited to expand our footprint in Saudi Arabia, a market with strong demand for quality and authentic rice-based food products. Our partnership with SALIC will enable us to add significant value to the local economy while meeting consumer demand,” he said.
LT Foods already has a foothold in Saudi Arabia with brands like Daawat, Hadeel, and Mufaddal, which are recognized in the region. The company’s global operations include strategically located processing units in India, the US, and Europe, alongside a robust distribution network of over 1,400 distributors worldwide.
In FY24, LT Foods reported a consolidated revenue of ₹7,822 crore. Its entry into Saudi Arabia is expected to strengthen its position as a leader in the global rice market while diversifying its geographic footprint.