Orkla India, the parent company of MTR Foods and Eastern Condiments, is seeking partnerships with local spice and masala businesses to strengthen its presence and dominance in India’s spice market, according to a top executive of the company.
Open to new partnerships with more local players – CEO
According to ET Retail, Sanjay Sharma, CEO of Orkla India, expressed, “We are open to new partnerships. Spices and masalas is an exciting category and we are looking out for partnering with more local players.”
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Meanwhile, Orkla, a Norwegian investment company, entered India in 2007 by acquiring MTR Foods. In September 2020, they bought a majority stake in Eastern Condiments, run by the Meeran family. In the year 2023, Orkla reorganised its India operations into three units: MTR, Eastern, and International Business. MTR generates about 48% of revenues, Eastern 34%, and International Business 18%.
Orkla India identifies 9 key markets globally to evolve
“Our international segment is the fastest growing and continues to develop rapidly,” Sanjay added.
Further he mentioned that the company has identified 9 key markets worldwide that drive most of its business. The Middle East accounts for 70% of Orkla India’s international sales, followed by North America. The company is now looking to expand into the UK and 4-5 new markets in the Middle East.
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Previously in July, Nils Selte, president and CEO of Orkla, informed investors that the company has started an IPO readiness study for Orkla India. He said, “We initiated a process to consider structural opportunities for Orkla India, including conducting an IPO readiness study. The results of the study are encouraging. And we will now proceed with an evaluation of accessing the capital markets in India. Any conclusion should not be expected until sometime 2025.”
