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FINANCIAL NEWS
Qatar- Hassad Food obtains stake in India’s Bush Foods for USD100m
04 Apr 2013
(MENAFN) Qatar’s Hassad Food Co chairman, Nasser Al Hajri, stated that the company has acquired a 51-percent stake in India’s Bush Foods Overseas Ltd for over USD100 million, reported Arabian Business.
Al Hajri added that the acquisition of the stake in the basmati rice firm would help Qatar in securing new sources and supplies of food, of which the emirate imports 90 percent.
Bush Foods Managing Director and CEO, Virkaran Awasty, said that the Qatari investment would be used to expand the company and boost the processing capacity by between 25 percent and 50 percent.
It is worth noting that Hassad, the agricultural investment unit of Qatar’s sovereign wealth fund, announced in 2012 that it may invest USD625 million to raise food supplies for Qatar.
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