Norwegian food-to-metals group Orkla has bought India’s MTR Foods, but it did not disclose the acquisition price. It is reported, however, that the transaction is worth about Rs 350 crore.
“As a result of this acquisition, we will be able to assess the Indian market as a possible future growth platform for Orkla’s branded consumer goods business at close quarters,” Orkla said in a statement. Further, the official statement clarified: “MTR Foods is located in an interesting, growing market. We expect to spend some time learning and assessing the situation before any final decisions are made concerning further strategic investments in India.”
The Rs 9,000-crore Orkla Foods, which has a presence in preserved vegetables and seafood, will use MTR’s distribution network to introduce its brands. Bangalore-based MTR Foods makes spices and ready-to-eat foods, with annual sales of Rs 160 crore.
