Bombay: Adani Wilmar Ltd (AWL) on Tuesday announced the acquisition of several brands, including McCormick Switzerland GMBH’s renowned ‘Kohinoor’ brand, to strengthen its leadership position in the grocery business.
The transaction size was not disclosed.
The acquisition would give AWL exclusive rights to the “Kohinoor” brand of basmati rice, as well as ready-to-cook, ready-to-eat curries and meals under the Kohinoor umbrella brand in India, the company said in a statement.
The addition of Kohinoor’s domestic brand portfolio strengthens AWL’s leadership position in the food FMCG category by expanding a strong product basket of premium brands along with the potential to scale value-added products.
The acquisition will propel the next stage of growth for AWL, expanding the portfolio to serve premium customer segments in rice and other value-added grocery stores, it added.
Kohinoor’s brand portfolio includes “Kohinoor” – for premium basmati rice, “Charminar” – for affordable rice and “Trophy” for the HORECA (hotel, restaurant and café) segment.
“We are excited to welcome the Kohinoor brand to the Fortune family. This acquisition is in line with our business strategy to expand our portfolio in the higher-margin branded consumer goods and grocery products segment.
“We believe the packaged food category is under-penetrated and has significant room for growth. The Kohinoor brand has strong brand recognition and will help expand our leadership position in the Food FMCG category,” said AWL Chief Executive Officer and Managing Director Angshu Mallick.
On Monday, AWL reported a 26 percent fall in consolidated net profit to Rs.234.29 billion for the quarter ended March, compared to Rs.3.15 billion in the same period last year on higher tax charges.
The total revenue increased to Rs. 15,022.94 crore in the January-March period of the last financial year from Rs. 10,698.51 crore in the corresponding period of 2020-21.
During the full financial year 2021-22, the company’s net profit increased to Rs. 803.73 crore and the total revenue increased to Rs.
Adani Wilmar, a 50:50 joint venture between business conglomerate Adani Group and Singapore-based Wilmar, recently went public after raising Rs 3,600 crore through an initial public offering (IPO).
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