Managing director of MTR Sanjay Sharma.
Credit: Srikanta Sharma R
Norwegian industrial investment firm Orkla is restructuring its operations in India with the merger of MTR Foods, Eastern Condiments and International Business under one umbrella - Orkla India, the company said in a statement on Wednesday.
As part of the revamp, senior management of the company is also undergoing a shuffle. Sanjay Sharma, who took charge at the helm of MTR Foods in 2014 has been elevated as the chief executive of the company’s India arm.
Sharma will be responsible for overseeing the operations of the three business units, with each having its own independent CEO, the statement noted. Furthermore, while benefitting from combined synergy, scale and expertise, the three units will maintain their independent brand identities.
“Overall, we’re a Rs 2,200-crore company in India today, making it the sixth-largest market for the parent company with 4% contribution to its total sales,” Sharma told DH. He emphasised that the India chapter’s most significant contribution is in terms of Orkla’s incremental growth - about 15% - on an annual basis.
“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,” Sharma said.
With the merger, Orkla India is expected to grow at 10-12% year-on-year, he added.
Sunay Basin, who is the chief commercial officer at MTR Foods, has been chosen to take over Sharma’s responsibilities at the vertical. Eastern Condiments will continue to be headed by Navas Meeran, who is also a co-founder and promoter of the company.
The International Business, on the other hand, will be headed by Ashwin Subramanian as its new chief executive. “We will continue to serve the Indian diaspora as well as see if we can come out with products which are relevant for the local diaspora of the countries we are present in,” Sharma highlighted.
Orkla forayed into India in 2007 with a takeover of MTR Foods, which has since grown into a Rs 1,000-crore brand at a 14% compound annual growth rate. It bought Rasoi Magic Foods (India) Pvt through MTR in 2011. The company then went on to acquire a majority 67.82% stake in Kerala-based spice maker Eastern Condiments Pvt Ltd in 2021.