Hassad acquires share in basmati rice producer

NEW DELHI, India – In a move that will position itself in the basmati rice domain, Hassad Food has acquired a majority equity interest in India-based Bush Foods Overseas. Hassad is a premier investor in the agriculture and livestock sectors in Qatar.

The transaction was concluded and signed in Doha by His Excellency, Mr Nasser Al Hajri, chairman of Hassad Food, and Mr Virkran Awasty, managing director of Bush Foods Overseas.

Founded in 1992, Bush Foods Oversees produces premium basmati rice and has diversified into value-added processed foods and international brands which are available in 60 countries. It has a turnover of US$235 million per annum. Furthermore, its facilities are are equipped with a brand new, $30 million, next-generation fully automated technology rice mill with an annual capacity of 180,000 metric tonnes of basmati.

“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,” said H.E. Mr Al Hajri.

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.”  (photo courtesy of Businesswire)