ITC Plans $1.4 Billion Deal to Acquire MTR Foods & Eastern Condiments
ITC Ltd is in early talks to buy MTR Foods and Eastern Condiments from Norway’s Orkla ASA for about $1.4 billion. Orkla, which had considered an IPO for its Indian business in 2024, is now open to a private sale. MTR Foods, founded in 1950, was acquired by Orkla in 2007, and Eastern Condiments in 2020. These brands dominate the southern Indian market, generating over 80% of Orkla India’s Rs 2,400 crore revenue. This move will strengthen ITC’s position in the spices and ready-to-cook food market.
