Spice maker McCormick has signed a JV with Kohinoor Foods, one of India’s largest retailers and exporter of branded Basmati rice. As per the deal McCormick will invest approximately $115 million which includes an 85 percent interest in the new joint venture, the company born out of this JV is named as Kohinoor Specialty Foods India. Kohinoor Foods rice brands will be transferred to the JV Company. While Kohinoor Foods will focus more on the exports business, most of the products will be marketed under the Kohinoor brand, but McCormick will also retail some of its own brands in India. A modern factory for packaged food products and 275 employees will also be transfer to the joint venture. Gurnam Arora , Joint MD, Kohinoor Foods Limited, is positive that the deal closure will happen as early as possible, however, it could take couple of months. “Primarily, this deal and funds associated with it will help us reduce our debt and interest burden, which would go directly in increasing the bottom line. Besides, the company will be free to focus on its core strength that is exports," said Arora. “This venture is based upon McCormick's investments in India and its strategy to expand sales in emerging markets," said Satish Rao, VP, Business Development, McCormick. He further said that Kohinoor Foods, has a very good distribution network in India and their brand got a very good brand personality that is why we have invested in this partnership. Including India, McCormick expects emerging markets to contribute 12 percent of sales by 2015, an increase from 9% in 2010. The Kohinoor brand of products fits squarely into the Company's plans for achieving this increase