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Hassad backs India's Bush Foods, Standard Chartered exits

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Hassad Food, a unit of Qatar Investment Authority (QIA), has acquired a majority interest in India-based basmati rice producer Bush Foods Overseas. The transaction facilitates the exit of Standard Chartered Private Equity (SCPE), which invested INR1.1 billion ($20 million) in the company two years ago.

According to local media reports, Hassad paid $100 million for a 51% stake in Bush, giving SCPE money multiple of 3x.

"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," said Nasser Al Hajri, Hassad's chairman, in a statement.

Bush Foods Oversees was founded in 1992 and has a turnover of $235 million. It produces premium basmati rice as well as value-added processed foods such as ready-to-eat spices that are distributed in 60 countries. Its best known brands are Neesa, Himalayan Crown and Indian Star.

QIA created Hassad in 2008 Hassad with a mandate to run a profitable and sustainable businesses while simultaneously contributing to Qatar's food security program.

Hassad was advised on the transaction by QInvest and Ambit, while KPMG India worked with Bush Foods.

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