ITC Ltd is reportedly in early discussions to acquire MTR Foods and Eastern Condiments from Norway’s Orkla ASA in a deal worth around $1.4 billion, according to sources cited by Mint. If finalized, this move would significantly boost ITC’s presence in India’s fast-growing packaged food market, particularly in the South.

 

Orkla, which has owned MTR Foods since 2007 and Eastern Condiments since 2020, had been considering an IPO for its Indian businesses as recently as September 2024. However, the company is now open to a private sale if it secures a better valuation. If the deal doesn’t meet expectations, Orkla may still proceed with a public listing.

 

Neither ITC nor Orkla have officially commented on the reports. However, if the acquisition goes through, it will further strengthen ITC’s position in the ready-to-cook and spice segments. MTR Foods, originally founded in Bengaluru in 1950, has expanded its reach beyond India, selling products in North America, West Asia, Japan, and Southeast Asia.