Owner of MTR Foods Orkla reorganizes the India business

 Owner of MTR Foods Orkla reorganizes the India business

The Norwegian industrial investment firm Orkla ASA, which owns MTR Foods and Eastern Condiments, said on Wednesday that its Indian businesses will be consolidated under a single company, Orkla India.

By acquiring MTR Foods in 2007, Orkla, a company that operates in the nation's packaged spice and convenience food industries, made its entry into India. It acquired a 67.8% controlling ownership in Kerala-based spice manufacturer Eastern Condiments Pvt. Ltd. in 2020.

The firm said on Wednesday that Orkla India is being restructured by establishing the MTR, Eastern, and international business (IB) business divisions.

The change will improve Orkla India's collective business skills and encourage a more intense emphasis on development across all business divisions.

Sanjay Sharma, the former CEO of MTR, has been named the CEO of Orkla India as part of this restructuring.

"Sharma will be in charge of managing the three business areas, each of which will have a separate CEO who would report to Sharma. With items from MTR and Eastern and a strong international presence thanks to the newly founded IB segment, Orkla India will now have a larger product selection. While gaining from the shared synergies, size, knowledge, and cost advantage that this restructuring brings about, both MTR and Eastern will keep their own brand identities, the business added.

"By acquiring Eastern, we were able to dramatically expand our company in India and solidify our position in the industry. With this realignment, Sanjay Sharma will lead Orkla India, and we anticipate sustained market success. According to Atle Vidar Nagel Johansen, chairman of Orkla India, "the three business divisions will be crucial in strengthening Orkla's entire portfolio, which believes in the power of local brands and leadership within specific regions.

Orkla's current priorities include expanding the MTR and Eastern brands in southern regions.

It has a strong connection to our local history and is closely linked to our culture, language, and traditions. We are a group of such legacy companies that are regarded as the stewards of local culture and cuisine. Each of our business divisions is at a distinct stage of development, and together, under the leadership of Orkla India, we will devote all of our efforts to fostering their rapid expansion," Sharma added.