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Norwegian company Orkla acquires 100% of Rasoi Magic through MTR Foods
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Wednesday, 04 May, 2011, 08 : 00 AM [IST]
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Manjushree Naik, Mumbai
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Rasoi Magic Foods, the Pune-based company known for spices, spice mixes and ready-to-eat foods, has been acquired by Norwegian major Orkla Brands through its Indian company MTR Foods.
While a delegation is on a visit to Bangalore-based MTR Foods in this regard, an agreement is said to have been signed already. Under the agreement, Orkla is acquiring 100% of the shares of Rasoi Magic through MTR Foods, according to a release by Orkla. The sellers are D Chordia and Mehta. The parties have agreed not to disclose the purchase amount, the release added.
A source in Rasoi Magic confirmed the acquisition, but on the condition of anonymity, “Yes, the company has been acquired by the Norwegian company. But it will not make any difference to our setup in India. It will, perhaps, only help in consolidating our presence in the export market.”
Rasoi Magic’s product portfolio comprises spices, spice mixes and RTE foods such as biryani, pav bhaji, paneer tikka, veg kadhai, dum alu, paneer makhanwala, malai kofta, palak paneer, and methi mutter malai. Its brands include Rasoi Magic and No onion No garlic.
“This acquisition is part of our further investment in India, which we consider to be an attractive and growing market. Rasoi Magic Foods complements the products of our Indian branded company, MTR Foods, in Bangalore. At the same time, we are expanding the market for our products. We see considerable potential for synergies between the two companies,” explained Paul Jordahl, CEO, Orkla Brands International, in the release.
Rasoi Magic Foods will be operated as a subsidiary of MTR Foods. Orkla acquired MTR Foods in Bangalore, India in 2007. The company manufactures processed vegetarian foods, such as ready meals, ready mixes, spices and accompaniments. Its home market is south India.
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