Standard Chartered PE pumps Rs 110 cr in basmati rice firm

British banking giant Standard Chartered's private equity arm today said it has invested Rs 110 crore in basmati rice company Bush Foods Overseas.

The infusion will be used to finance the expansion at the company's fully automated processing facility at Haryana's Sonepat and support its long-term working capital needs, a release issued by StanChart said.

The exact equity stake picked up by Standard Chartered Private Equity (SCPE) or the total valuation reached was not immediately known.

Bush Foods processes and sells basmati rice domestically and in 35 countries through established brands like Neesa, Indian Star and Himalayan Crown, the release said.

"The strong demand for basmati rice in both the export and domestic markets presents significant growth opportunities for Indian basmati rice companies," SCPE Managing Director Rahul Raisurana said.

The rice company's strengths are its premier customer- base, robust supply-chain and brands, he added.