Qatar-based Hassad Food, the agricultural investment arm of Qatar’s sovereign wealth fund, plans to invest $500m in India for the production of rice, coffee, cardamom and ready-made foods.
The proposed plans comes after the Hassad Food's agreement to acquire 51% stake in India-based rice seller Bush Foods Overseas for $100m in April this year, reports Bloomberg.
Bush Foods Overseas owns basmati rice brands including Neesa, Himalayan Crown and Indian Star.
Hassad is seeking to secure supplies for Qatar through the purchase of agricultural land and making investments in food-production companies overseas. The company already has presence in Asia and Africa and owns sheep farms in Australia.
Hassad Food chairman Nasser Mohamed Al Hajri said that the company's future focus will be on North America, South America and Europe. It plans to invest in Canada for grain production.
In addition, the company is also planning to invest in a sugar venture in Latin America this year as well as in South America for grains, red meat and poultry.
Hassad Food, which is owned by the Qatar Investment Authority (QIA), was established in 2008 with a capital of $1bn to secure food supplies for Qatar through agricultural investments. The company seeks to develop strategic alliances and partnerships to produce branded products that meet international standards.
It produces 100,000 sheep, 150,000 tons of grain and 260,000 tons of rice per annum.
