NEW DELHI, India--(BUSINESS WIRE)--Hassad Food, Qatar’s premier investor in the agriculture and livestock sectors has acquired a majority equity interest in India-based Bush Foods Overseas. 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 with a turnover of 235 million of USD per annum and specializes in premium basmati rice and has diversified into value added processed foods and international brands which are available in 60 countries worldwide.
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.
H.E. Mr. 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 brand, contributing to the welfare of Qatar and other societies by providing high quality products 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.”
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. Awasty 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 companies 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.”
*Source: ME NewsWire