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Standard Chartered Private Equity (SCPE) has invested Rs 110 crore (about $ 25 million) in Bush Foods Overseas Private Ltd (BFOPL), a basmati rice company. The funding will part finance the expansion of Bush Foods' manufacturing and processing facilities in Sonepat, Haryana and also support the company's long term working capital requirements.
“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 recognised by its global customer base,” Mr Rahul Raisurana, Managing Director, SCPE, said in a statement here on Wednesday.
Quality emphasis helped
BFL is focused on processing and sale of premium quality basmati rice. With an emphasis on quality, it has achieved a growing presence in both the export and domestic markets with 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. BFL had recently 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.
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