McCormick & Company, Inc. to own 100% of ‘Kohinoor’ branded basmati rice business in India
Bangalore, 22 April 2017: McCormick & Company, Inc., a global leader in flavor, is set to acquire remaining 15% equity ownership in Kohinoor Speciality Foods India Private Limited (KSF), i.e. ‘Kohinoor’ branded Basmati Rice business in India, from Kohinoor Foods Ltd (KFL), thus becoming 100% owner to Indian business of ‘Kohinoor’ branded basmati rice, one of the country’s best basmati rice brand. Earlier in September 2011, McCormick purchased the ‘Kohinoor’ brand and other trademarks along with 85% ownership in KSF.
Thisdevelopment places the company in prime position to accelerate its growth andinvestments plans in India - ethically, sustainably and with no compromise onits commitment to the highest standards of quality.
McCormickhas invested more than $150 million in India since 1994 through four ventureswhich employ over 2000 people today.
Thecompany’s two joint ventures in South India are equipped with the latestprocessing technologies and produce high quality spices products for India andinternational markets.
In 2014, itset up a corporate services entity based out of Gurgaon, India, leveraging onIndia’s IT talent to serve the company’s global needs.
“As a keyemerging market, India presents exciting growth opportunities forMcCormick. We have invested in India continuously for over two decadesand are deeply committed to the ‘Kohinoor’ brand in this market. Our goal is toleverage ‘Kohinoor’ brand from a Basmati rice brand to a “Rice and Spice”leader in this market through our passion for flavor” said Malcolm Swift,President of McCormick’s International Business.
Quality toconsumers remains a priority and in establishing a stronger operating model,McCormick has ceased operating arrangements with Kohinoor Food Limited and itspromoters, by way of an amicable settlement agreement. Both parties haveinitiated the process to withdraw all legal proceedings.
“Our recentinfrastructure enhancements, the building of stronger R&D capabilities atour 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 thismarket,” said Amit Mehta, Managing Director, Kohinoor Speciality Foods IndiaPrivate Limited. “We’re here to stay and we are set on our mission to providethe ‘Best quality food products for our Indian consumers’ as we believe Indiadeserves the best”.