Adani Wilmar Ltd (AWL) has acquired several FMCG brands, including the renowned 'Kohinoor' brand from McCormick Switzerland GMBH at an undisclosed amount, the company announced in a regulatory filing on Tuesday.
"The acquisition would give AWL 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," the company said.
"The acquisition will fuel the next level of growth for AWL and widen the portfolio to cater to premium customer segments across rice and other value-added food businesses," it added.
According to the regulatory filing, the addition of Kohinoor's domestic brand portfolio strengthens AWL's leadership position in the food FMCG category by augmenting a strong product basket with premium brands along with the potential to scale value-added products.
The Kohinoor brand portfolio comprises 'Kohinoor' - for premium basmati rice, 'Charminar' - for affordable rice, and 'Trophy' for HORECA (Hotel, Restaurant and Cafe) segment.
Angshu Mallick, CEO, Adani Wilmar said, “We are pleased to welcome the Kohinoor brand to the Fortune family. This acquisition is in sync with our business strategy to expand our portfolio in the higher-margin branded staples and food products segment. We believe 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."
On Monday, Adani Wilmar reported a 26 per cent decline in profit at Rs 234.29 crore for the March quarter compared to Rs 315 crore in the year-ago period on higher tax expenses.
Total income increased to Rs 15,022.94 crore during the March quarter of FY2022 compared to Rs 10,698.51 crore in the same period last year.
During FY2021-22, the company's net profit surged to Rs 803.73 crore and total income grew to Rs 54,385.89 crore compared to the previous year.
Adani Wilmar, which is a 50:50 joint venture between business conglomerate Adani Group and Singapore-based Wilmar, recently got listed on the stock exchange after raising Rs 3,600 crore through an Initial Public Offer.