ITC in Talks to Acquire MTR Foods and Eastern Condiments for $1.4 Billion

ITC Ltd. is reportedly in early discussions with Norway's Orkla ASA to acquire its Indian businesses, MTR Foods and Eastern Condiments, in a deal valued at $1.4 billion. This acquisition aligns with ITC’s strategy to expand its presence in the spices and ready-to-cook food categories, especially in southern markets. Orkla, which owns both brands, had previously considered an IPO but is now exploring a private sale for better valuation. Together, MTR and Eastern generate over 80% of Orkla India's ₹2,400 crore revenue.
Sources: Moneycontrol, Economic Times, Mint