Qatar-based investment firm Hassad Food has acquired an undisclosed majority stake in New Delhi-based basmati rice company Bush Foods Overseas Ltd., for an estimated $100 million.
“Hassad Food has picked up more than 51 per cent stake in our company. They have invested more than $100 million in this transaction,” Bush Foods said.
Further details of the transaction were not available.
Hassad Food Company is a wholly-owned subsidiary of Qatar Holding, which is part of Qatar's sovereign wealth fund Qatar Investment Authority (QIA). It invests in agriculture and livestock sectors.
Bush Foods sells basmati rice under ‘Neesa’ brand. It has a facility in Haryana with an annual capacity of 1.7-2 lakh tonnes. It posted a turnover of $235 million last fiscal.
Hassad Food Chairman Nasser Al Hajri would be Chairman of Bush Foods, while Awasty would continue to be Managing Director and CEO of the company.
Mr. Hajri said this was the first investment by the company in India. This might open opportunities for more, he hinted.
