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McCormick to fully acquire Kohinoor Speciality Foods India

Press Trust of India  |  New Delhi 

US based spice-maker McCormick & Company Inc today said it will fully acquire Kohinoor Speciality Foods India, which markets Kohinoor basmati rice, from Ltd (KFL) for an undisclosed amount.

The company, which already has 85 per cent stake in Kohinoor Speciality, will further acquire the remaining 15 per cent.

The would make McCormick 100 per cent owner of the Indian business of the rice brand 'Kohinoor branded basmati rice', the company said in statement.

In September 2011, rice exporter and McCormick had set up a joint venture -- Kohinoor Speciality Foods -- for marketing basmati rice and other food products in

In the joint venture, McCormick has 85 per cent stake and rest was with

Commenting on the development, McCormick's President, International Business, Malcolm Swift said: "We have invested in continuously for over two decades and are deeply committed to the Kohinoor brand in this market.

McCormick had invested a total of Rs 520 crore in the joint venture deal.

When contacted, McCormick & Company Inc declined to comment on the cost, citing confidential clause.

"Our goal is to leverage Kohinoor brand from a Basmati rice brand to a 'Rice and Spice leader in this market through our passion for flavor," Swift said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 20 2017. 18:13 IST