McCormick & Co. Inc. of Sparks, an international producer of spices, seasonings, flavorings and specialty foods, said Wednesday it has signed a joint venture agreement with Kohinoor Foods Ltd. to market and sell its basmati rice and food products in India.
McCormick will invest a total of $115 million, which includes an 85 percent stake in the joint venture. A modern factory for packaged food products and 275 employees will also transfer to the joint venture. Kohinoor manufactures and distributes naturally flavored rice as well as other convenience food products in India through a 350,000 retailer network.
Pending regulatory and other approvals in India, the agreement is expected to be completed this year.