Adani Wilmar recently acquired several brands, including the Kohinoor cooking brand from McCormick Switzerland
Conglomerates such as Adani Group and billionaire Mukesh Ambani’s Reliance Industries are vying for a piece of India’s $400 billion food production business, according to the UN Food and Agriculture Organization.
Gautam Adani’s kitchen necessities company, Adani Wilmar Ltd., is looking for local and international acquisition targets as Asia’s richest man doubles down on expanding his empire’s food activities, just weeks after Reliance Industries Ltd. revealed intentions to create a consumer products division.
“We are looking at purchasing basic food brands and distribution firms to expand our consumer products portfolio and reach.” “Angshu Mallick, Adani Wilmar’s chief executive officer and managing director, stated in an interview on Wednesday. “We aim to close a few more purchases by March.””
Mallick stated that the business has set aside 5 billion rupees ($62.9 million) from its first public offering for purchases. Internal accruals and the 30 billion rupees in planned capital spending for next year, beginning in April, will provide additional financing, he added. Since its $486 million IPO in February, the food company’s stock has more than quadrupled.
Conglomerates such as Adani Group and billionaire Mukesh Ambani’s Reliance Industries are vying for a piece of India’s $400 billion food production business, according to the UN Food and Agriculture Organization.
Adani Wilmar recently purchased numerous brands from McCormick Switzerland, including the Kohinoor culinary brand, for an unknown sum. Adani Wilmar now has exclusive rights in India to Kohinoor’s basmati rice and ready-to-cook, ready-to-eat curries and meals. The Adani Group has purchased 32 firm’s worth around $17 billion in the last year, many of which are outside of its core coal and infrastructure industries.
In August, Reliance Retail Ltd., a subsidiary of Reliance Industries, announced its entry into the fast-moving consumer goods, or FMCG, market, with the goal of producing and providing high-quality items at reasonable rates.
“In the future, enterprises must give great items, value for money, and a strong distribution network,” Mallick said, adding that his company is experiencing a 50% increase in e-commerce distribution through Amazon and Flipkart.