MTR Foods Acquisition of Eastern Condiments
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MTR Foods Private Limited to acquire and merge with Eastern
Condiments Private Limited
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Agreement signed whereby MTR Foods Private Limited ("MTR") will acquire 67.8% of Eastern
Condiments Private Limited ("Eastern") followed by a merger
Transaction will double Orkla's net sales in the fast growing Indian market, and the combination of
MTR and Eastern will create a strong base for growth and value creation
The transaction values Eastern at INR 20 billion on a cash- and debt-free basis, on a 100% basis
Promoters of Eastern, Navas and Firoz Meeran ("Promoters"), will continue as partners in the
merged entity with a 9.99% ownership stake post the merger
The merger process is envisaged to take 12-15 months, and after merger the entity will continue
under the name of MTR
Under the transaction, the remaining shareholders, McCormick (26.0%) and the family of the
Promoters (7.7%) will exit completely
OrklaView entire presentation