On Tuesday, May 3, FMCG giant Adani Wilmar Ltd (AWL) announced the acquisition of several brands in the food industry. The edible oil manufacturer acquired a famous rice brand ‘Kohinoor’ for an undisclosed amount.
Adani Wilmar bought the rice brand from McCormick Switzerland GMBH & with this, it has gained exclusive rights over Kohinoor Basmati rice & other products in the portfolio. Adani Wilmar plans to enter into the premium segment with the acquisition of the Kohinoor brand. The Kohinoor brand consists of three different classes: Kohinoor- for premium rice, Charminar- for affordable rice & Trophy- for the HORECA industry.
“Adani Wilmar is pleased to welcome Kohinoor brand to the Fortune family. Kohinoor is a trusted brand which represents the authentic flavours of India and is loved by consumers. 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,” said CEO & MD Angshu Mallick.
On May 2, Adani Wilmar Ltd (AWL) reported its financial results for the fourth quarter ended on March 2022. Revenue from operations surged 46.2% YoY to Rs 54,214 crore in FY21-22 making it India’s largest fast-moving consumer goods (FMCG) company. Adani Wilmar has surpassed Hindustan Unilever (HUL) & took the first position as an FMCG giant. HUL has reported annual revenue of Rs 51,468 crore for FY21-22.