ITC in Talks to Acquire Majority Stake in Orkla's Indian Businesses for $1.4 Billion

Summary: ITC Ltd is in talks with Norway’s Orkla ASA to acquire a majority stake in its Indian subsidiaries, MTR Foods and Eastern Condiments, for $1.4 billion, according to a Mint report. Orkla had previously considered an IPO for its Indian business but is now exploring a private deal for better valuation. If finalized, the acquisition would strengthen ITC’s position in India’s packaged foods and condiments market. Neither company has officially commented on the deal.

ITC Ltd is reportedly in advanced discussions with Norway-based Orkla ASA to acquire a majority stake in its Indian subsidiaries, MTR Foods and Eastern Condiments, for an estimated $1.4 billion, according to a report by Mint.

Orkla, a leading player in the packaged food industry, had previously considered launching an initial public offering (IPO) for its Indian business. However, the company is now evaluating whether a private deal with ITC could result in a more favorable valuation, the report added.

If finalized, the acquisition would further strengthen ITC’s presence in the fast-growing packaged foods and condiments market in India. MTR Foods and Eastern Condiments are well-established brands with a strong foothold in the ready-to-eat and spice segments, aligning with ITC’s strategy to expand its food business.

Neither ITC nor Orkla has officially commented on the potential deal. However, industry experts suggest that this acquisition could be a significant move for ITC, reinforcing its position in India’s evolving food sector.

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