Adani group company, Adani Wilmar has announced it would acquire popular rice brand Kohinoor from McCormick Switzerland GMBH.
The takeover will give Adani Wilmar an 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, it said in a regulatory filing on Tuesday.
"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, Chief Executive Officer and Managing Director of the company.
Mallick believes that 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, " Mallick added.
The Adani group company's leadership position in the food FMCG category is expected to augment a strong product basket with potential to scale value added products, besides leveraging the reach of Kohinoor and Fortune brand to drive synergies for the company across geographies.