Orkla Group, the parent company of MTR Foods, has set aside funds to invest in food-related companies in India, the Norwegian conglomerate’s fastest-growing market.
These funds will help the company to further strengthen its presence in the country and expand beyond traditional food categories.
Having invested Rs 150 crore in its Indian subsidiary, Orkla now plans to invest Rs 35 crore additionally to scale up its newly introduced candy brand Laban in India. It will compete with the likes of chewy candy brands such as Gummy Bear in the confectionery space, which is pegged at Rs 8,200 crore.
This is Orkla’s third brand in India after chocolate spread brand Nugatti and Jordan toothbrushes.
After the group’s second acquisition of Pune-based spice maker Rasoi Magic in 2011, Orkla has been scouting for more food companies. Orkla is sending top executives of four of its newly acquired companies to India to replicate and learn from MTR.