UK/INDIA: Private-equity firm Standard Chartered invests in rice firm Bush Foods
UK-based financier Standard Chartered Private Equity has told just-food it is bullish about its US$25m investment into Bush Foods Overseas, a New Delhi-based basmati rice exporter.
"The sector and the company offers great potential," said Rahul Raisurana, the investor's managing director, adding that his company viewed India's food sector as offering attractive business opportunities.
The Standard Chartered managing director noted that increased global demand for basmati rice presents potential for significant growth. He said the investment would help finance the expansion of the company's manufacturing plant in Sonipat, in the northern state of Haryana, and provide long-term working capital.
It will be Standard Chartered's first deal with an Indian food processing company, signalling the UK firm's commitment to a rapidly-growing industry.
Bush Foods has achieved a strong presence in both export and domestic markets – selling basmati rice to 34 nations with brands such as Neesa, Indian Star and Himalayan Crown. The company's current turnover is US$110m.
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