Bengaluru, May 3 (IANS) Food processing major MTR Foods Ltd said on Tuesday that it is investing Rs.200 crore, over the next four years, on capacity expansion and to extend its presence to south India to across the country.
“We are investing Rs.200 crore to scale up our manufacturing capacity to 72,000 tonne by 2020 from 45,000 tonnes in 2015 and expand our presence in other regions,” chief executive Sanjay Sharma told reporters here.
As a 90-year-old popular brand of Indian spices, mixes, ready-to-eat foods and other culinary products for all occasions, the city-based Rs.700-crore MTR is a wholly-owned subsidiary of the $4-billion Orkla conglomerate in Norway.
After acquiring the privately-held company from Maiyas of the famous Mavalli Tiffin Rooms (MTR) in 2007 for an estimated $80 million (Rs.384 crore), the Norwegian food major cumulatively invested Rs.230 crore to treble production capacity from 15,000 tonnes and increase the number of food products to 140 from 90.
Blending authentic Indian flavours in easy-to-use packaged format, the company’s diversified portfolio includes breakfast, lunch and dinner, snacks and desserts for all.
“Our culinary secrets are protected and handed over generations as authentic recipes from their region of origin and packaged in convenient formats to retain taste and quality,” said Sharma, unveiling the company’s new brand identity, with a new contemporary logo and trendy packaging, signifying the transition.
As a part of its growth strategy, the company has forayed into e-commerce with its own online platform for selling all its products and delivering them at home through partners across the country.
“Over the years, consumers have evolved in terms of preferences and consumption patterns. Though Indian food is still the favourite, its cooking is perceived to be cumbersome and time-consuming. Our brand of easy-to-make, nutritious and authentic tasting products make them more accessible,” Sharma said.
With 50 percent market share in ready-to-eat segment and 40-45 percent market share in spices and mixes across Karnataka, the company has doubled its market share in the neighbouring southern states of Andhra Pradesh, Kerala, Tamil Nadu and Telangana.
“We are expanding our presence beyond south India to north, west and east to be a pan-India brand by 2020, with more products to serve regional consumers and ramp up our turnover to Rs,2,000 crore over the next four years,” Sharma added.