Hassad Food buys majority stake in Indian company

Left to right, Bush Food Overseas managing director Virkran Awasthy, Hassad Food chairman Nasser al-Hajri and Qatar’s Ambassador to India,  Hassan Mohamed al-Emadi, addressing a press conference in New Delhi yesterday.

Hassad Food, Qatar’s premier investor in agriculture and livestock sectors, has acquired a majority equity stake in India-based Bush Foods Overseas, which is a major basmati rice seller.

The acquisition positions Hassad Food on the global business map as major provider in the basmati rice domain.

Bush Foods Oversees, with a turnover of $235mn, specialises in premium basmati rice and has diversified into ready-to-eat products and spices which are available in 60 countries.

The deal was signed in New Delhi by Hassad Food chairman Nasser al-Hajri and Bush Food Overseas managing director Virkran Awasthy, in the presence of Qatar’s Ambassador to India,  Hassan Mohamed al-Emadi. Neither the deal size nor the quantum of money involved was disclosed.

This  transaction witnessed the engagement of QInvest and Ambit as Financial Advisors to Hassad Food and KPMG Corporate Finance, India, as advisors to Bush Foods.

Bush Foods’ flagship brands Neesa, Himalayan Crown and Indian Star, are considered among the most trusted basmati rice brands globally for their quality.

“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,” al-Hajri said.

Hassad’s mission is to own and develop  growth-oriented global brands, contributing to the welfare of Qatar and other societies by providing  quality products while using the latest technology in harmony with the environment and adhering to the highest standards of corporate social responsibility, he said.

“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 said.

Bush Foods Overseas facilities are equipped with a  $30mn fully-automated technology rice mill with an annual capacity of 180,000 metric tonnes of  premium Basmati.

“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,” Awasthy said.

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 (US), Sam’s Clubs (US), Wal-Mart (Canada, US and UK), Biglots (US), 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 and Spar.