Hassad Food of Qatar Acquires Majority Equity Interest in Bush Foods

Doha, April 03 (QNA)- Hassad Food, Qatars premier investor in the agriculture and livestock sectors has acquired a majority equity interest in India-based Bush Foods Overseas Pvt Ltd. The transaction which was announced on Wednesday in a press conference held in New Delhi was concluded and signed in Doha by the Chairman of Hassad Food HE Nasser bin Mohamed Al-Faheid Al Hajri, and Virkran Awasty, Managing Director of Bush Foods Overseas and in the presence of HE Hassan Mohammed Al Emadi , the Ambassador of the State of Qatar in India. On the occasion, HE Nasser Al Hajri, Chairman of Hassad Food said: "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." "Hassads mission is to own and develop an efficient, profitable, growth-oriented global brands, contributing to the welfare of Qatar and other societies by providing high quality products while using the latest technology in harmony with the environment and adhering to the highest standards of corporate social responsibility 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" HE Al Hajri concluded. It is worth to mention that Bush Foods Oversees was founded in 1992 and has current turnover of 235 millions $US. The Company specializes in premium basmati rice and has diversified into value added processed foods such as RTE (Ready to Eat), spices and other ethnic range of international brands which are available in 60 countries worldwide. Bush Foods flagship brands Neesa, Himalayan Crown and Indian Star, are considered amongst the most trusted and reputed basmati rice brands globally for their consistent quality. This milestone acquisition will position Hassad Food on the global business map as major provider in the basmati rice domain and will be considered another achievement for the Qatari company since its establishment in 2008. Bush Foods Overseas facilities are equipped with a brand new, US $ 30 million, State-of-the-Art, next generation fully automated technology rice mill with an annual capacity of 180000 MT of top quality premium Basmati. For his part, Virkran Awasty, Managing Director of Bush Food Overseas 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 companys 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". Bush Foods caters to some of the finest quality names in the world like Westmill Foods (UK), Loblaw Group of Companies (Canada), Metro Super Markets (Canada) , Sobeys (Canada) , BJs Club (USA), Sams Clubs (USA), Wal-Mart (Canada, USA and UK), Biglots (USA), Riso Gallo(Italy), Union Trade(Italy), Albert Heijn Supermarkets(Holland), Carrefour (UAE, Kuwait, Bahrain), Leclerc (Poland), Jumbo Super Market (Holland), Aljazeera (Bahrain), Jassim Al Wazzan (Kuwait), Al Maya Group (Dubai), AX Foods (Sweden), Migros (Switzerland), Pic n Pay (S.Africa), Ali Bin Ali (Qatar) and major Indian supermarket chains, Bharti Wal-Mart, Spencers, Reliance, ABRL, Metro, Food world, Spar to name a few. This major strategic financial transaction, which took few months to be completed, witnessed the engagement of QInvest and Ambit as Financial Advisors to Hassad Food and KPMG Corporate Finance, India as advisors to Bush Foods.(END)