Orkla is to reorganise its operations in India as part of the Norway-based group’s corporate overhaul announced last year.
The new Orkla India entity will contain three business units: MTR, Eastern, and International Business (IB). MTR Foods and Eastern Condiments are brands of the group.
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In a statement, Orkla India said it will have “a wider product portfolio, featuring products from MTR and Eastern and a robust international presence through the newly established IB unit”.
It added: “Both MTR and Eastern will maintain their independent brand identities while benefiting from the mutual synergies, scale, expertise, and cost advantage that this reorganization brings along.”
As a part of the move, Sanjay Sharma, the CEO of MTR, will oversee the operations of the three business units as chief executive of Orkla India. All three subdivisions will have its own CEO reporting to Sharma.
Atle Vidar Nagel Johansen, chairman of Orkla India, said “Our acquisition of Eastern has significantly scaled our business in India reaffirming our position in this market.“
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By GlobalData“The three business units will play a pivotal role in fortifying Orkla’s overall portfolio which believes in the strength of local brands and leadership within distinct markets.”
Sharma added: “We believe, in India food is local. It is intrinsically tied to our culture, language, and customs, rooted deeply in our local heritage.
“We are a collection of such heritage brands that are considered to be the custodians of culture and regional food on their soil. Each of our business units is at a different stage of evolution, and under one umbrella of Orkla India, we will have a deep dedicated focus to accelerate their growth.”
Earlier this year, Orkla spun off its businesses into 12 individual units.
“In the time to come, we will adopt a more dynamic approach to our portfolio, which will entail assessing acquisitions, joint ventures, stock-market listings and divestments of companies,” Nils Selte, who became president and CEO of the diversified company in April 2022, said in a statement at the time.
Selte had revealed in July last year he would conduct an “analysis” of Norway-headquartered Orkla after joining the business from Canica, the Oslo-based investment group that holds 25% of the food firm, its largest shareholder.
