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Money News

Norway's Orkla buys majority stake in Indian condiment business

OSLO (Reuters) - Norwegian consumer goods supplier Orkla will buy a 67.8 percent stake in Indian food group Eastern Condiments Private Limited, doubling its sales in India, Orkla said on Friday.

“With this transaction Orkla will establish a platform for further growth in India in several categories,” Orkla said in a statement.

Orkla added that the deal values all the equity in Eastern, which primarily sells blended and single spices, at about 2.4 billion Norwegian crowns ($269.8 million).

($1 = 8.8945 Norwegian crowns)

Reporting by Victoria Klesty; Editing by David Goodman

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