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Norway's Orkla recasts India business for bigger play in spice market
Mint Mumbai
|October 12, 2023
Norwegian investment company Orkla ASA announced the reorganization of its India operations. It will be operating under one entity Orkla India, that focuses on packaged spices and convenience foods markets.
Orkla entered India in 2007 by acquiring MTR. In 2020, it picked up a majority stake of 67.8% in Kerala-based spice maker Eastern Condiments.
After the reorganization, Orkla India will have three business units: MTR, Eastern, and the international business. MTR specializes in pickles, spices, and ready-to-eat meals, while Eastern focuses on plain and blended spices.
As a part of this reorganization, Sanjay Sharma, the erstwhile chief executive of MTR has been appointed as the CEO of Orkla India. Sharma will be responsible for overseeing the operations of all three business units with each having its own independent CEO, who will be reporting to Sharma.
Additionally, Sunay Bhasin has been appointed as CEO of MTR, while Eastern will continue to have Navas Meeran at its helm. Meeran a is member of the original promoter family of Eastern. The international business will be run by Aswin Subramanian.
This story is from the October 12, 2023 edition of Mint Mumbai.
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