Orkla has completed a substantial acquisition in Indian spices and food product
Orkla has completed the purchase of 67.82 per cent of the shares in Eastern Condiments Private Limited (“Eastern”). The acquisition has been carried out through MTR Foods Private Limited (“MTR Foods”). The purchase price values Eastern at a total of approximately NOK 2.4 billion at enterprise value.With this acquisition, Orkla will be a major employer in India, owning nine factories in six states which cater to the whole of India as well as exports, and employing more than 4,000 people in the country. Eastern has been owned by the Meeran family (74 per cent) and McCormick Ingredients