FMCG firm Adani Wilmar Limited on Tuesday said it has bought popular rice brand Kohinoor from McCormick Switzerland GMBH for an undisclosed amount.
The acquisition would give Adani Wilmar Limited (AWL) exclusive rights over the brand 'Kohinoor' basmati rice along with 'Ready to Cook', 'Ready to Eat' curries and meals portfolio under the Kohinoor Brand umbrella in India, Adani Wilmar Limited said in a statement.
The Kohinoor brand portfolio comprises "Kohinoor" - for premium Basmati rice; "Charminar" - for affordable rice and "Trophy" for hotel, restaurant and catering segment.
The addition of Kohinoor's domestic Brand Portfolio strengthens Adani Wilmar's leadership position in the food FMCG category by augmenting a strong product basket with premium brand along with potential to scale value-added products.
It also leverages the reach of Kohinoor brand to drive synergies for AWL across geographies and complements the reach of its flagship brand 'Fortune' in the food FMCG domain.
The acquisition will fuel the next level of growth for AWL and widen the portfolio to cater to premium customer segments across rice and other value-added food businesses. AWL is poised to become a formidable player with the addition of the Kohinoor brand in the India region, the statement said.
Commenting on the acquisition, Angshu Mallick, Chief Executive Officer and Managing Director of Adani Wilmar, said, "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. We believe the packaged food category is under-penetrated with significant headroom for growth. The Kohinoor Brand has a strong brand recall and will help accelerate our leadership position in the Food FMCG category."
( With inputs from ANI )
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