BigBasket secures US$150m funding led by South Korea’s Mirae

INDIA – India’s leading grocery retailer, BigBasket has raised US$150 million in funding led by South Korea’s Mirae Asset Management to expand its online platform. According to ET Retail report, the latest round which was also backed by UK’s development finance institution CDC Group, along with Chinese e-commerce giant Alibaba values BigBasket at close to…

South Korea’s CJ CheilJedang buys U.S. frozen foods firm Schwan for US$1.84b

USA – South Korean food ingredients and pharmaceuticals company CJ Cheil Jedang has bought Minnesota based privately owned food company Schwan Co. for $1.84 billion. CJ CheilJedang has acquired 80% of Schwan’s, representing CJ Group’s biggest ever acquisition. With the deal, the group will be able to access Schwan’s distribution network, including logistics centers and…

South Korea and Japan halts ‘genetically modified’ wheat imports from Canada

SOUTH KOREA - South Korea has announced that it has suspended wheat and flour imports from Canada after the Canadian Food Inspection Agency (CFIA) announced that it had discovered genetically modified (GM) wheat in southern Alberta. On June 15, Japan temporarily halted imports of Canadian wheat saying it was reviewing tests that Canadian officials had…

A2 Milk Co signs distribution deal with Yuhan Corp in South Korea

SOUTH KOREA - A2 Milk Co, a New Zealand public listed company, has signed an exclusive distribution deal with Yuhan Corp in South Korea, more than a decade after an earlier foray into that country which ended in litigation. According to New Zealand Herald, the Auckland-based, Sydney-headquartered company signed an exclusive sales and distribution agreement…