Adani Wilmar buys Kohinoor basmati rice from McCormick Switzerland
New Delhi:
Packaged food group Adani Wilmar Ltd (AWL) announced that it has acquired renowned ‘Kohinoor’ basmati rice brand from McCormick Switzerland GMBH for an undisclosed amount. “The acquisition would give AWL exclusive rights to the ‘Kohinoor’ basmati rice brand along with ‘Ready to Cook’, ‘Ready to Eat’ curries and dishes under the Kohinoor brand umbrella in India,” the company said in a statement Tuesday .
The move will drive the next stage of growth and expand the portfolio to serve premium customer segments, AWL added.
Kohinoor’s portfolio of brands includes “Kohinoor” – for premium basmati rice; “Charminar” – for affordable rice and “Trophy” for the HORECA (hotel and catering) segment.
Angshu Mallick, Chief Executive Officer and Managing Director of AWL, said: “This acquisition is in line with our business strategy to expand our portfolio in the higher-margin branded staple and grocery segment. We believe the packaged food category is under-penetrated with significant room for growth.”
AWL has reported a 26 per cent fall in consolidated net profit to Rs 234.29 crore for the quarter ended March (Q4) on higher tax charges. In the same period last year it had posted a net profit of Rs 315 crore.
Adani Wilmar, which sells its cooking oils and other food products under the Fortune brand, is a 50:50 joint venture (JV) between the Adani Group and Wilmar, based in Singapore.
The company was recently listed on the stock exchange after raising Rs 3,600 crore through an initial public offering (IPO).
The stock has seen a massive surge since its listing. It is up more than 200 percent from the issue price of 230 rupees.