SPARKS, Md. (

TheStreet

) --

McCormick

(MKC) - Get Report

is expanding its emerging-market footprint through a joint venture with India-based

Kohinoor Foods

.

Through the joint venture, called Kohinoor Speciality Foods India, McCormick will market and sell Koninoor's basmati rice and other food products in India.

Kohinoor is a leading national food brand in the subcontinent.

McCormick will invest $115 million for an 85% stake in the joint venture, the U.S.-based spice maker said late Wednesday.

It expects the deal to dilute earnings-per-share by 2 cents to 3 cents this year, and then add to EPS beginning in 2012.

By 2015, McCormick said it expects emerging markets, including India, to contribute 12% of total sales, up from 9% in 2010.

McCormick, which also sells products under the Lawry's and Old Bay brands, first invested in India in 1994 when it joined the

A.V. Thomas Group

. Then last year McCormick acquired a 26% stake in

Eastern Condiments Private Ltd.

, a manufacturer and marketer of spices and seasonings in India and the Middle East.

McCormick shares were down 19 cents to $49.49 in trading early Thursday.

-- Written by Miriam Marcus Reimer in New York.

>To contact the writer of this article, click here:

Miriam Reimer

.

>To follow the writer on Twitter, go to

http://twitter.com/miriamsmarket

.

>To submit a news tip, send an email to:

tips@thestreet.com

.

READERS ALSO LIKE:

>> Starbucks: Bagged Coffee Prices Raised 17%

>> 10 Top Dividend Stocks for 2011

>> 10 Top Buy-Rated Real Estate Stocks for 2011

>> Education Stocks: 2011 Outlook

>>See our new stock quote page.

Get more stock ideas and investing advice on our sister site,

Stockpickr.com.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.