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JSA racks up second American client masala buy for $115m

Kohinoor: Spicy IP
Kohinoor: Spicy IP

J Sagar Associates (JSA) has advised US-based spice manufacturer and long standing client McCormick Inc. on its joint venture with Indian basmati rice maker Kohinoor Foods Ltd (KFL), led by Delhi law firm Swarup & Company, for marketing and selling KFL’s food and rice products in India.

JSA Mumbai partner Akshay Chudasama led for McCormick along with senior associates Mithun V Thanks, Anuj Bhasme and associates Pinaz Mistry and Viplav Sharma. Chudasama’s team had also advised McCormick on its buy of Eastern Condiments’ minority stake one year ago.

Chudasama said that McCormick’s investment clearly showed their continued commitment to India as a key and rapidly growing market.

Swarup & Comapny’s partner Shailendra Swarup represented KFL and its promoters on the transaction.

McCormick will invest $115m for an 85 per cent interest in the JV, transfer of certain trademarks and non-compete undertakings from KFL and the promoters as a part of the deal, according to Chudasama. A total of 275 employees and a packed food products factory would be transferred to the JV entity.

The deal includes an exclusive agreement between the JV and KFL to source, process and package branded basmati rice through the existing facility of KFL.

The transaction subject to regulatory approvals is likely to close by the end of financial year 2011.

According to VCCircle, this is McCormick’s third JV in India, a company which has otherwise had an annual sale of $ 67m until March 2010.

Photo by meaduva

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