India based food firm, Adani Wilmar, has announced the acquisition of the rice brand Kohinoor from McCormick Switzerland GMBH.
According to sources, Kohinoor was one of the pioneers in the branded basmati rice in India, and the company has a portfolio that includes the brand Kohinoor for premium basmati rice, Charminar for budget rice, and Trophy for the HORECA segment.
This acquisition will give Adani Wilmar exclusive rights over the Kohinoor basmati rice and ready-to-cook and ready-to-eat meals and curries under the brand umbrella in India.
With this acquisition, the company’s market share will see a growth of 12 percent in the basmati rice segment, sources say.
“Adani Wilmar is pleased to welcome Kohinoor brand to the Fortune family. Kohinoor is a trusted brand which represents the authentic flavours of India and is loved by consumers. This acquisition is in sync with our business strategy to expand our portfolio in the higher margin branded staples and food products segment”, said Angshu Mallick, CEO and managing director of Adani Wilmar.
The value of the deal was not disclosed.
Sources: Business Standard / The Hindu Business Line / Business Insider