From the Press Release:
Standard Chartered Private Equity (“SCPE”) has invested Rs 1,100 Million (approximately US $ 25 Million) in Bush Foods Overseas Private Limited (“BFL”), one of India’s leading Basmati rice companies. The funding will part finance the expansion of Bush Foods’s state of art fully automated manufacturing and processing facilities in Sonepat, Haryana and also support the company’s long term working capital requirements.
BFL is focused on processing and sale of premium quality Basmati rice. With an emphasis on quality, it has achieved a strong and growing presence in both the export and domestic markets with well established premium brands like, Neesa, Indian Star and Himalayan Crown. The Company’s products are sold in 35 countries across North America, Europe, Middle East, Africa and Asia including through premier global retail chains such as Westmill Foods, Loblaws, Walmart, Costco, Supersol, Riso Galo s.p.a, Migros Super Markets and Indian retail chains like Reliance Retail, Food Bazaar, Bharti Walmart etc. BFL is the first rice company in India to be accredited with Social Accountability (SA) 8000 and holds several other accreditations. It has recently also launched a presence in the Ready-to-Eat Gourmet Indian food segment with a range of Indian recipe products all of which are marketed under the flagship Neesa brand.
Speaking on the investment, Rahul Raisurana, Managing Director, Standard Chartered Private Equity, said, "The strong demand for basmati rice in both the export and domestic markets presents significant growth opportunities for Indian basmati rice companies. We are delighted to partner with Bush Foods, a leading player in the Basmati rice segment with a premier customer base, robust supply chain, quality products and brands, strengths that are also well recognized by its global customer base.”
Virkaran Awasty, Chairman and Managing Director, Bush Foods, said, “Bush Foods is at an inflection point as it builds on the solid platform and global customer base built over the years to emerge as one of India’s most trusted and reputed basmati rice companies that is well recognized for consistency in quality and shipments. We are delighted to have a global investor like SCPE partner with us at this stage to help propel our growth further”.
About Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered PLC, listed on London, Hong Kong and Indian stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalization. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth.
For more information on Standard Chartered, please visit www.standardchartered.com
About Bush Foods Overseas Pvt. Ltd.
Bush Foods Ltd was founded in 1992 and has since emerged as one of India’s leading basmati rice companies. The Company has a state-of-the-art fully automated integrated rice mill at Sonepat, Haryana and has several global accreditations to its credit including Social Accountability (SA) 8000, ISO-9001/2000, ISO 22000/2005, BRC Global Standard Food Issue – 5, National program for Organic Products (EU), British Retail Consortium (BRC) and Organic etc. For more information, visit www.bushfoodsbasmati.com.