HASSAD food, Qatar's premier investor in agriculture and animal husbandry, on Wednesday said it has spent more than $ 100 million to keep the controlling stake in the Indian Basmati rice seller Bush food and beverages overseas.
The transaction, which was announced in New Delhi, was finalized and signed in Doha by President Hassad food's Nasser al Ha and Managing Director of Bush food and beverages overseas Awasty Virkran in the presence of Qatari Ambassador to India he Hassan Mohammed al Emadi, according to a version, in Doha on Wednesday.
"We are pleased with the deal. We have to invest around the world. For us this is the first investment in India, "said Ha.
Hassad food the acquisition positions itself on the global business map as a leading supplier in the Basmati rice domain and is considered a success for the Qatari company since its inception in 2008.
India is the world's largest producer and marketer of premier, aromatic basmati rice. Hassad food is the second overseas company to buy a controlling stake in an Indian Basmati rice seller.
American herbs and herbal maker McCormick & co. Inc. (MKC) bought 85 percent of Kohinoor Foods Ltd in 2011.
Hassad food plans to invest up to $ 500 million in the food business in India in the next three to five years, said Ha.
It discusses spice joint ventures with southern Indian companies, and will explore joint ventures in ready-to-eat processed foods, fruits and vegetables, said Ha.
"Bush food and beverages overseas hard a respected name in the domain of Basmati rice worldwide has worked and now it is the first Indian food companies are acquired by a reputed food-company of Qatar as Hassad food. I am convinced that Hassad food is the ideal long term majority partner who can bring the company to an even higher level, "said Awasty.
Bush holds monitoring of foods was established in 1992 and has current sales of $ 235 millions. The company specializes in premium basmati rice and has diversified into added value processed foods such as ' ready to eat ', spices and other ethnic range of international brands which are available in about 60 countries.
Bush Foods top brands Neesa, Himalaya Crown and Indian star are considered one of the most trusted and reputed Basmati rice brands for their consistent quality.
"We are excited about this acquisition that strong evidence that Hassad food on track to achieving its vision to be a leading global supplier of high-quality foods.
"The Hassad mission is to own and develop an efficient, profitable and growth-oriented global brands, to contribute to the welfare of Qatar and other societies by providing high quality products using the latest technology in harmony with the environment and adhering to the highest standards of corporate social responsibility and I am convinced that the acquisition of Bush food overseas and its international brands is consistent with what we trying to achieve and will deliver what is expected from the "Ha said.
Bush food and beverages overseas facilities are equipped with a brand new, $ 30 million fully automated technology rice mill with an annual capacity of 180000 metric tonnes of premium Basmati.
Hassad food, also has invested heavily in Pakistan for Basmati rice. Last year the company launched Pakistans Nathry extra-long basmati rice in the country, which was especially cut down and formulated for the Qatari market.