Adani Wilmar, the edible oil company of the Adani Group, has acquired American giant packaged food brand Kohinoor. The deal is worth a total of Rs 115 crore. The deal includes its umbrella brands like Charminar and Trophy, apart from the premium Basmati rice brand. Adani Wilmar has given this information to the stock market. Shares of Adani Wilmar had closed 3.70% lower at Rs 751.50 on the BSE on Monday. The company has suffered heavy losses in the March quarter.
Adani Wilmar’s market valuation will increase
Let us tell you that Gautam Adani’s company is looking to strengthen its leadership in the FMCG business. Adani Wilmar already has the largest edible oil importer, refiner and marketer in India. Now the company will consolidate its position in the branded rice market with Kohinoor Brands at the third position. The three brands are already generating annual sales of Rs 300 crore, the company said.
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What did Adani Wilmar say?
Adani Wilmar has announced the acquisition through its regulator Exchange on Tuesday. Angshu Mallick, Chief Executive Officer and Managing Director, Adani Wilmar Limited said, “Adani Wilmar is delighted to welcome the Kohinoor brand to the Fortune family. Kohinoor is a global brand that is well-liked by Indian consumers.
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This acquisition is in line with our business strategy to expand our portfolio in the high-margin branded staples and food products segment. We believe that there is not enough room for growth in the packaged food category. The Kohinoor brand has a strong brand recall and will help us accelerate our leadership position in the food FMCG segment.”