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Adani Wilmar buys several brands to strengthen food business

Adani Wilmar buys several brands to reinforce food business

< img src="https://bharatsuchana.com/wp-content/uploads/2022/05/OugCJI.jpg"class="ff-og-image-inserted"> MUMBAI: Adani Wilmar Ltd(AWL)on Tuesday revealed the acquisition of a number of brand names, consisting of the prominent’Kohinoor’brand from McCormick Switzerland GMBH to enhance its management in food business. The offer size was not divulged. The acquisition would provide AWL special rights over the brand name’Kohinoor’basmati rice together with’ All set to Cook’,’All set to Eat’curries and meals portfolio under the Kohinoor brand name umbrella in India, the business said in a statement
. The addition of Kohinoor’s domestic brand name portfolio strengthens AWL’s management position in the food FMCG category by augmenting a strong product basket with premium brands along with prospective to scale value included items. The acquisition will sustain the next level of growth for AWL and expand the portfolio to cater to superior customer segments across rice and other value-added food organizations, it added. The Kohinoor brand portfolio comprises’ Kohinoor ‘-for premium basmati rice,’Charminar’ -for inexpensive rice and
‘Prize’for HORECA(Hotel, Dining Establishment and Coffee shop) section.”We are pleased to welcome the Kohinoor brand to the Fortune family. This acquisition remains in sync with our business strategy to broaden our portfolio
in the higher margin branded staples and food items segment.” Our company believe the packaged food category is under-penetrated with significant headroom for development. The Kohinoor Brand has a strong brand name recall and will help accelerate our leadership position in the Food FMCG category,” AWL president and handling director Angshu Mallick stated. On Monday, AWL reported a 26 percent decline in consolidated net profit
at Rs 234.29 crore for the quarter ended March compared to Rs 315 crore in the year-ago period on greater tax expenses. Total income increased to Rs 15,022.94 crore during the January-March duration of last from Rs 10,698.51 crore in the corresponding period of 2020-21. During the full 2021-22 monetary year, the company’s net profit rose to Rs 803.73 crore and total earnings grew to Rs 54,385.89 crore compared to the previous year. Adani Wilmar, a 50:50 joint venture in between company conglomerate Adani Group and Singapore-based Wilmar, recently got noted on the stock market after raising Rs 3,600 crore through an Initial Public Deal (IPO ). Released at Tue, 03 May 2022 08:30:13 +0000

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