U.S. spice company McCormick seems poised to purchase Indian MTR foods for 3.5 billion-4 billion rupees ($78-$89 million) as the market for processed food in India expands and incomes increase. The deal is expected to close in two weeks and will involve JP Morgan's private equity arm and Singapore's Aquarius, since they each hold a minority stake in the private company. Recently, other Asian companies have been including processed foods on their menus to cash in on the rise of retail in India.
• Sources: Reuters
• Related commentary: McCormick's Curries Favor With Investors
• Potentially impacted stocks and ETFs: McCormick (NYSE:MKC). Competitors: International Flavors and Fragrances (NYSE:IFF)
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