The Hindu : Business : Norwegian co. buys MTR Foods

Online edition of India's National Newspaper
Wednesday, Feb 14, 2007
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Business

Business

Norwegian co. buys MTR Foods

The deal is valued at $100 million

BANGALORE: Norway's Orkla Group has acquired the Bangalore-based processed vegetarian food products major, MTR Foods, in a $100 million deal.

"The deal is through. The enterprise value of the deal is $100 million,'' an official of MTR Foods, one among the top-five processed food manufacturers in India, said here.

Orkla said in a press statement posted on its website that it had entered into an agreement to acquire MTR Foods, which makes products, including ready meals, ready mixes, spices and condiments. MTR, which has a factory here, has the Maiya family, JPMorgan Global Packaged Foods Ltd., Indocean Packaged Foods Ltd. and Magnus Capital Corporation Ltd as its major shareholders.

"As a result of the acquisition, we will be able to asses the Indian market as a possible future growth platform for Orkla's branded consumer goods business at close quarters,'' Executive Vice-President Torkild Nordberg who is responsible for Orkla's branded consumer goods business, was quoted as saying in the statement.

PTI

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