Standard Chartered doubles money on Bush Foods exit

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basmati-rice_sqStandard Chartered Private Equity has reportedly made a three times return by selling its stake in Indian rice processing company Bush Foods to Qatar-based strategic buyer Hassad.

Agriculture and livestock investor Hassad, which is owned by sovereign wealth fund the Qatar Investment Authority, paid $200m for the stake according to India’s Financial Express.

Standard Chartered had only held the minority stake in Bush for two years after making a $25m investment in April 2011.

That investment was earmarked to part-finance the expansion of the company’s manufacturing and processing units and support long-term working capital requirements.

Bush foods director Virkaran Awasty said, “We will use these investments to grow our brands both in the domestic as well as the international markets.”

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