|
|
|
You can get e-magazine links on WhatsApp. Click here
|
|
|
|
|
|
McCormick to own 100 per cent of Kohinoor basmati rice business in India
|
|
Wednesday, 03 May, 2017, 08 : 00 AM [IST]
|
|
Our Bureau, New Delhi
|
McCormick & Company, Inc, a global leader in flavour, is set to acquire the remaining 15 per cent equity ownership in Kohinoor Specialty Foods India Private Limited’s (KSF), i eKohinoor basmati ricebusiness in India, from Kohinoor Foods Ltd (KFL), thus becoming the 100 per cent owner of the Indian business of Kohinoor, one of the country’s best basmati rice brands. In September 2011, McCormick purchased the Kohinoor brand and other trademarks along with 85 per cent ownership in KSF.
This development places the company in a prime position to accelerate its growth and investments plans in India, ethically, sustainably and with no compromise on its commitment to the highest standards of quality.McCormick has invested more than $150 million in India since 1994 through four ventures, which employ over 2,000 people today.
The company’s two joint ventures in South India are equipped with the latest processing technologies and produce high-quality spice products for the Indian and international markets.In 2014, it set up a corporate services entity based out of Gurgaon, India, leveraging on India’s information technology (IT) talent to serve the company’s global needs.
“As a key emerging market, India presents exciting growth opportunities for McCormick.We have invested in India continuously for over two decades, and are deeply committed to the Kohinoor brand in this market. Our goal is to leverage the Kohinoor brand from a basmati rice brand to a Rice and Spiceleader in this market through our passion for flavour,” said Malcolm Swift, president, international business, McCormick.
Quality to consumers remains a priority and in establishing a stronger operating model, McCormick has ceased operating arrangements with KFL and its promoters, by way of an amicable settlement agreement. Both parties have initiated the process to withdraw all legal proceedings.
“Our recent infrastructure enhancements, the building of stronger research and development (R&D) capabilities at our food factory in Haryana and our plan to expand our offerings under the Rice and Spice platform are building on our decades of commitment to this market,” said Amit Mehta, managing director, KSF.
“We’re here to stay and we are set on our mission to provide the best quality food products for our Indian consumers, as we believe India deserves the best,” he added.
|
|
|
|
|
|
|
|
|
|