Kohinoor Foods is trading nearly 5% higher after the company informed that it had completed the Rs 520-crore deal with US-based spice maker McCormick to set up a joint venture for marketing basmati rice and other food products in India.
In the joint venture Kohinoor Speciality India, McCormick has 85% stake and rest is with Kohinoor Foods. With more than $3 billion in annual sales, McCormick manufactures, market and distributes spices, seasoning mixes, condiments and other flavorful products to the entire food industry.
Through this JV, McCormick plans to develop and launch new products, penetrate potential and under-served markets and thereby expand in the food service channel in India.
The stock opened at Rs 43.50 and touched a high of Rs 44.25 in early trades. As many as 4,150 shares have been traded till 0925 hours.
