Orkla India, the owner of MTR and Eastern, is scouting for acquisitions and doubling down on convenience foods and quick-delivery channels as it aims to return to double-digit revenue growth by FY26, CEO Sanjay Sharma said in an interview.
The Indian arm of Norway’s Orkla Group, which merged its MTR and Eastern businesses in 2023, last recorded double-digit growth in FY23. Sharma said the company will pursue M&A opportunities that “strongly reflect local culture and food,” with potential deals ranging from ₹1–2 crore upwards. “We have enough cash and the ability to raise more if required,” he added.
Deal activity in India’s consumer goods and retail space has surged to a four-year high during January–September, led by food and beverages, according to Equirus Capital. Major transactions include Tilaknagar Industries’ $486 million acquisition of the Imperial Blue whisky brand and Wilmar International’s $832 million stake purchase in AWL Agri Business.
Orkla India is sharpening its focus on ready-to-eat and ready-to-cook categories, supported by the rapid expansion of hyperfast delivery platforms like Blinkit, Zepto and Swiggy Instamart. “We expect convenience foods to grow faster as we are putting much more effort there, and e-commerce is expanding at a strong pace,” Sharma said.
Online sales for the company surged 47% last fiscal year, increasing their share of domestic revenue to 7.5% from 5.1%. Rising disposable incomes, time-poor urban consumers, and double-income households are also fueling the shift toward convenience.
Last year, convenience foods—including vermicelli and ready-to-cook breakfast kits—accounted for 33.4% of Orkla India’s revenue, up from 31.5% the year before, while the spice portfolio made up the remainder.