QATAR/INDIA: Qatari vehicle Hassad Food buys majority of India's Bush Foods
Qatari investment vehicle Hassad Foods has bought a majority stake in Indian food supplier Bush Foods Overseas.
Hassad Food, set up by the Qatari state to invest in the food sector, said the deal will make it a "major provider" of basmati rice worldwide.
Nasser Al Hajri, Hassad Food's chairman, 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."
Bush Foods generates annual sales of US$235m, Hassad Food said. It supplies retailers including Wal-Mart Stores, Carrefour and Ahold and manufacturers like Associated British Foods and Riso Gallo. Its consumer brands in India include Neesa, Himalayan Crown and Indian Star.
MD Virkran Awasty said Bush Foods was "very happy" with the deal. "Bush Foods Overseas 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 and I am confident that Hassad Food is the ideal long term majority partner that can take the company to an even higher level."
Financial details of the deal were not disclosed. State vehicle the Qatar Investment Authority set up Hassad Food in 2008 to secure food supplies for the country through investment in the agricultural sector.
Hassad Food of Qatar acquires Majority equity interest in Bush Foods Overseas, India - Wednesday, January 06, 2010
Hassad Food of Qatar acquires
Majority equity interest in
Bush Foods Overseas, India
A truly global basmati brand available in 60 countries worldwide, 71 cities and towns in India and in over 250,000 retail outlets word-wide.
INDIAN BY HEART, QATARI BY VISION
New Delhi, India 03 April 2013: Hassad Food, Qatar’s premier investor in the agriculture and livestock sectors has acquired a majority equity interest in India-based Bush Foods Overseas Pvt Ltd. The transaction which was announced today in a press conference in New Delhi was concluded and signed in Doha by the Chairman of Hassad Food His Excellency, Mr. Nasser Al Hajri, and Mr. Virkran Awasty, Managing Director of Bush Foods Overseas.
Bush Foods Oversees was founded in 1992 and has current turnover of 235 millions $US. The Company specializes in premium basmati rice and has diversified into value added processed foods such as RTE (Ready to Eat), spices and other ethnic range of international brands which are available in 60 countries worldwide.
Bush Foods’ flagship brands Neesa, Himalayan Crown and Indian Star, are considered amongst the most trusted and reputed basmati rice brands globally for their consistent quality.
This milestone acquisition will position Hassad Food 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.
On the occasion, H.E. Mr, Nasser Al Hajri, Chairman of Hassad Food 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 is to own and develop an efficient, profitable, growth-oriented global brands, contributing to the welfare of Qatar and other societies by providing high quality products while using the latest technology in harmony with the environment and adhering to the highest standards of corporate social responsibility and 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” H.E. Mr. Al Hajri concluded.
Bush Foods Overseas facilities are equipped with a brand new, US $ 30 million, State-Of-The-Art, next generation fully automated technology rice mill with an annual capacity of 180000 MT of top quality premium Basmati.
Mr. Virkran Awasty, Managing Director of Bush Food Overseas stated, “ We are very happy with the deal. Bush Foods Overseas 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 and I am confident that Hassad Food is the ideal long term majority partner that can take the company to an even higher level”.
Bush Foods caters to some of the finest quality names in the world like Westmill Foods (UK), Loblaw Group of Companies (Canada), Metro Super Markets (Canada) , Sobeys (Canada) , BJ’s Club (USA), Sam’s Clubs (USA), Wal-Mart (Canada, USA and UK), Biglots (USA), Riso Gallo(Italy), Union Trade(Italy), Albert Heijn Supermarkets(Holland), Carrefour (UAE, Kuwait, Bahrain), Leclerc (Poland), Jumbo Super Market (Holland), Aljazeera (Bahrain), Jassim Al Wazzan (Kuwait), Al Maya Group (Dubai), AX Foods (Sweden), Migros (Switzerland), Pic n Pay (S.Africa), Ali Bin Ali (Qatar) and major Indian supermarket chains, Bharti Wal-Mart, Spencer’s, Reliance, ABRL, Metro, Food world, Spar to name a few.
This major financial transaction, which took few months to be completed, witnessed the engagement of QInvest and Ambit as Financial Advisors to Hassad Food and KPMG Corporate Finance, India as advisors to Bush Foods.
Original source: Hassad Food
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