Norwegian food company Orkla has completed the acquisition of MTR Foods, signalling its first move into the Indian market.
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“We are pleased to have successfully closed the acquisition of MTR. This is our first move into the Indian food sector,” an Orkla spokesperson told just-food today (10 April). “India is a new market for us and, although MTR is not a large acquisition, we intend to use it to learn about the Indian food sector. It will possibly act as a platform for future growth.”
MTR Foods is an Indian manufacturer of processed vegetarian food products, such as ready meals, ready mixes, spices and condiments.
In 2006, MTR’s operating revenue totalled NOK230m (US$38.1m). Further financial details of the transaction were not disclosed.
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