Scandinavian consumer goods giant Orkla has announced the acquisition of a majority stake in India spice exporter Eastern Condiments for an undisclosed sum.
Founded in 1983, Eastern Condiments Private has seven production facilities, with a workforce of around 3,000.
Orkla said it would use the acquisition to “grow its position as one of the leading branded food players in India” and “have a platform for further growth in the spice category and in adjacent categories”.
Orkla president and CEO Jaan Ivar Semlitsch said: “This announcement marks a significant step for Orkla towards delivering on its strategy to strengthen our footprint in our core geographies”.
“By joining forces, Eastern and MTR will create a solid platform in the fast-growing Indian market, based on strong local brands. MTR has been a great success story for Orkla. Now we look forward to continuing the journey with the Meeran brothers as partners”, he added.