Orkla India, the company behind two familiar kitchen names—Eastern Condiments and MTR Foods—is planning to go public. The Norwegian-owned business has filed its draft prospectus with SEBI, signalling its intention to raise money through an initial public offering (IPO). But here’s the thing—it’s not raising fresh capital. Instead, it’s an offer for sale, meaning only existing shareholders are looking to cash in.
The plan is to sell 2.28 crore shares. The sellers? Orkla Asia Pacific and the founding family behind Eastern—Nawaz Meeran and his brother Firoz Meeran. What percentage each will sell hasn’t been spelled out yet, but the entire proceeds from the sale will go back to Orkla’s Norwegian parent.
Orkla’s Indian journey combines Kerala’s Eastern Condiments with Karnataka’s MTR Foods. Together, they produce everything from curry powders and breakfast mixes to traditional sweets. Their products hit the shelves under three names you might recognise: Eastern, MTR, and Rasoi Magic.
The business is split into three units—Eastern, MTR, and international operations. In 2020, Orkla bought a majority stake in Eastern for ₹1,356 crore. That marked a big shift, especially since Eastern was one of the first Indian food brands to attract foreign private equity investment. Nawaz Meeran stayed on as chairman until 31 March 2024, before stepping down. Now, Girish Kumar leads the Eastern unit as CEO in Kerala.
Currently, Orkla ASA (the Norwegian parent listed on the Oslo Stock Exchange) and Orkla Asia Pacific together hold 90% of Orkla India. The rest—5% each—is with Nawaz and Firoz Meeran. What’s unclear is exactly how much of their 10% stake the brothers will part with during the IPO.
So far, there’s no talk of expanding the business with the IPO money—since the proceeds aren’t staying in India but heading back to Orkla in Norway. But a stock market listing could bring in more public scrutiny, possibly paving the way for changes in how the company is run or how it grows in future.
