MTR Foods, that has a presence in the mixes, spices and snacks market, is eyeing acquisitions in the jams and ketchups segment.
Speaking to Business Line at the launch of its snacks range, Mr Sanjay Sharma, CEO, MTR Foods, said that the company is ready to expand into ‘adjacent’ lines of the foods business that are fruits and vegetables based.
“These acquisitions could be in the areas of jams, ketchups or confectionery,” he said.
MTR Foods, now a wholly owned subsidiary of Norwegain food company, Orkla Brands, bought Pune-based Rasoi Magic in April for an undisclosed amount. Mr Sharma said that Rasoi Magic augmented MTR”s presence in the ready-to-cook category. Funding for such strategic buys would be through internal accruals, he said.
Enters snacks market : MTR Foods today entered the Rs 6,200-crore Indian snacks market with its range of South Indian snacks. The company posted revenues of Rs 250 crore in 2009 and expects to double its revenues in 2012, Mr Sharma said.