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.