Qatar's Hassad Foods buys key stake in Indian firm
New Delhi, April 3, 2013
Hassad Food, a unit of Qatar Investment Authority (QIA), said it has acquired a majority stake in Indian rice seller Bush Foods Overseas, which also specializes in value added processed foods and international brands.
Hassad Food was established by QIA in 2008 with a capital of $1 billion to secure food supplies for Qatar through agricultural investments.
A premier investor in the agriculture and livestock sectors in Qatar, Hassad said this deal will position the company on the global business map as major provider in the basmati rice domain and will be considered another achievement for the Qatari company since its establishment in 2008.
Announcing the deal at a press conference in New Delhi, chairman of Hassad Food Nasser Al Hajri said “We are very excited about this acquisition which is a strong testament that Hassad Food is on the right track towards achieving its vision in becoming a leading global provider of high quality food products.”
Hassad’s mission, he said, was to own and develop an efficient, profitable, growth-oriented global brand, contributing to the welfare of Qatar and other societies by providing high quality products. "I am confident that the acquisition of Bush Food Overseas and its international brands is in line with what we are trying to achieve and will deliver what is expected from it," he added.
Virkran Awasty, the managing director of Bush Foods Overseas said, "We are very happy with the deal. Bush has worked hard to be a respected name in the Basmati rice domain worldwide and now it has become amongst the first Indian food company’s to be acquired by a world reputed food company from Qatar like Hassad Food."
Founded in 1992, Awasty said Bush Foods presently boasts of a turnover of $235 million per annum and specializes in premium basmati rice. It has diversified into value-added processed foods and international brands which are available in 60 countries worldwide.
"I am confident that Hassad Food is the ideal long term majority partner that can take the company to an even higher level," Awasty added.-TradeArabia News Service