Orkla India eyes public listing after completing restructuring

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Subscribe to enjoy similar stories. NEW DELHI : The Indian arm of Norwegian investment company Orkla ASA, which sells spices and food products under the MTR Foods and Eastern Condiments brands in the country, is likely to complete its business restructuring in another 12 months before exploring a public listing, said a top executive. The company announced in October 2023 that its India businesses would be reorganized into one entity, Orkla India.

Orkla entered India in 2007 by acquiring packaged food company MTR, specializing in pickles, spices, vermicelli, and ready-to-cook mixes like idli and poha. In 2020, it acquired a majority stake in Kerala-based spice maker Eastern Condiments. Orkla India now has three business units—MTR, Eastern, and international business.

Notably, spices make up roughly 70% of its business. “We did a pre-IPO (initial public offering) study; we presented that to the board, and they said, 'Why don't you evaluate whether you want to look at the capital markets?’. This happened in June.

So, we are in the process of evaluation. We are at a very early stage, and whatever will happen will happen maybe in 2025 or so," Sanjay Sharma, chief executive of Orkla India, said on the sidelines of the World Food India 2024 held in the capital on Thursday. The move signals the arrival of another packaged food player in the public markets after several large companies, such as Mrs Bectors Food Specialities Ltd (2020) and Bikaji Foods International (2022), saw success on the bourses.