Basmati rice distributor Kohinoor foods Ltd (KFL) on Thursday said that it has entered into a joint venture with US-based Food and seasonings maker McCormick and Company, to market and sell its (Kohinoor's) basmati rice and food products in India.
McCormick will hold 85 per cent stake in the joint venture and it will invest a total of $115 million.
The new joint venture will market and sell 'Kohinoor' brand rice and food products in India.
"The company proposes to transfer its undertaking relating to the business of manufacturing, processing, finishing, marketing, trading, distributing, importing, exporting and/or supply of food products" KFL said in a filing to the Bombay Stock Exchange (BSE).
KFL will also transfer all its assets and liabilities, employees, contracts, licenses, agreements, etc, as a going concern or otherwise, it added.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
