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FINANCIAL NEWS
Qatari Hassad Food Co to invest USD500m in India
12 Jun 2013
(MENAFN) Hassad Food Co. Chairman Nasser Mohammad Al Hajri stated that the Qatari firm plans on investing USD500 million in India in producing rice, coffee, cardamom, and ready-made food, reported The Daily Star.
Al Hajri also said that as part of its investment plan, Hassad bought a majority share in Bush Foods Overseas Ltd. who owns basmati rice brands Neesa, Himalayan Crown and Indian Star.
The chairman added that the company will invest in Canada for grain production, adding that he hoped for an investment this year or early 2014.
It is worth noting that Hassad Food Company (HFC) was established in 2008 as a wholly owned subsidiary of Qatar Holding which is one of the operating arms of the Qatar Investment Authority (QIA), the Sovereign Wealth Fund of Qatar with a mandate to run a profitable business with sustainable growth as well as to contribute to the food security program for Qatar.
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