New Delhi, April 20 (IANS) McCormick & Company will fully take over the ownership of Indian business of “Kohinoor” brand of Basmati rice by acquiring the remaining 15 per cent equity ownership in Kohinoor Speciality Foods India (KSF), a statement said here on Thursday.
The statement said McCormick had purchased the Kohinoor brand and other trademarks, along with 85 per cent ownership in the KSF, in September 2011.
“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,” said Malcolm Swift, President of McCormick’s International Business.
“Our goal is to leverage ‘Kohinoor’ brand from a Basmati rice brand to a ‘Rice and Spice’ leader in this market through our passion for flavour,” Swift added.
McCormick has invested more than $150 million in India since 1994 through four ventures, which currently employ over 2,000 people, according to the statement.