Scandinavian consumer goods giant Orkla has announced the acquisition of a majority stake in Eastern Condiments Private Ltd, for an undisclosed sum.
Founded in 1983, Eastern Condiments Private Ltd is an Indian manufacturer of food products. The company has seven production facilities, with a workforce of around 3.000 people.
According to sources, with the acquisition, Orkla will “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”, added Semlitsch.
Sources: Orkla Press Release