“We initiated a process to consider structural opportunities for Orkla India, including conducting an IPO readiness study. The results of the study are encouraging,” said Nils Selte, President and CEO, Orkla
Norwegian investment firm Orkla is considering an initial public offering (IPO) for its Indian unit, which owns the renowned spices and condiments brands MTR and Eastern. ” We initiated a process to consider structural opportunities for Orkla India, including conducting an IPO readiness study. The results of the study are encouraging and we will now proceed with an evaluation of accessing the capital markets in India. Any conclusion should not be expected until sometime 2025,” Nils Selte, President and CEO, Orkla, announced to investors. “There are a lot of things to do before we are good to go.”
MTR, which generated sales of Rs 2,300 crore last year, derives about 70 per cent of its revenue from spices and masalas. Orkla restructured its Indian operations last year, consolidating them under one entity, Orkla India. This entity now comprises three business units: MTR, Eastern and International Business (IB), aimed at leveraging combined business capabilities for sharper growth. Orkla’s entry into India dates to 2007 with the acquisition of MTR Foods, followed by a majority stake purchase in Kerala-based Eastern Condiments nearly four years ago.
The Indian spices market, valued at over Rs 90,000 crore, is only one-third branded. In the organised spices category, Everest leads the market, followed by MDH. Brands like MTR, DS Foods, Ramdev and Eastern hold significant positions in specific regions. Additionally, other FMCG players are increasing their footprint in the spices and ready-to-cook segments.
India’s food preferences show similarities to some European countries but with higher competitive intensity. As consumers increasingly shift to branded spices, the market becomes more complex.
