US-based McCormick, the world’s largest spice and seasoning company, is scouting for other Indian companies after its failure to buy MTR Foods, later bought by Orkla Foods of Norway. McCormick is looking at some other South-based spice brands such as Eastern and Lalah’s.
The Rs. 170 crore-Eastern is one of the bigger local players in the packaged spices market. Eastern, with a predominant presence in the southern markets, has been interested in a better national spread through the inorganic route. Private equity firm New Vernon is already an investor in the company. It’s learnt that the McCormick team had also visited other players in the packaged spice market such as MDH and Lalah's.
McCormick’s joint venture company in India, the Kochi-based AVT McCormick, engaged in processing and exports of spices, is reportedly helping the US company with its acquisition plans. McCormick’s Indian JV, which kicked off in 1994, exports Rs. 100 crores worth of value-added spices to developed markets. AVT has over eight decades of experience in agri-business including rubber, tea and a portfolio of spices.
Read The Economic Times article.
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