KOCHI: Kochi-headquartered Eastern Condiments Pvt Ltd. (ECPL), a leading spice and masala powder maker which was acquired by Norwegian conglomerate Orkla in 2021 is taking steps to turn it into a complete foods company.
As a start to strengthening the food portfolio, in the last two quarters alone, Eastern Condiments has launched two new products that cater to different meal occasions – Vermicelli and Macaroni. The company has additionally strengthened its spices and masala play by launching a spicy variant of its popular chicken masala - Spicy Chicken Masala, said Navas Meeran, CEO of Eastern Condiments.
Orkla, listed on Norway's Oslo Stock Exchange, acquired a 67.8% stake in Eastern Condiments for Rs 1,356 crore through its Indian subsidiary MTR Foods. While MTR Foods bought a 41.8% stake from the Meeran family, another 26% stake was bought from McCormick Ingredients SE Asia. Meeran family which owns a 33% stake in Eastern Condiments, which they founded in 1983, will manage the Kerala company till 2024, as per the deal signed in 2020.
As the shift from unbranded to branded gains momentum, this is time to start our journey to become a complete food company. While spices would continue to be our key play, we want to expand on our product choices and cater to different meal occasions. In the last two quarters alone, we have launched three new products and there is a lot more to come!” said Meeran.
Currently, 87% of Eastern Condiment's revenue comes from its spices and masala powders. The company which employs over 1,000 people directly (2,700 people indirectly) has three manufacturing facilities in Kerala (2 in Adimaly and 1 in Kothamangalam) and one in Tamil Nadu, respectively Andhra Pradesh and Rajasthan. The annual production from these units will be about 60,000-65,000 tonnes.
Officials said the food products will be launched through the Eastern brand in Kerala. However, outside Kerala, Eastern Condiments' meat masala powders and sambar powders will be sold in its brand name while MTR Foods will continue to sell its products in the MTR brand. "Eastern Vermicelli and Macaroni are key products that have immense potential as they lend themselves to a number of meal occasions," said Manoj Lalwani, CMO, Eastern Condiments.
Eastern Condiments has a solid consumer base in the south markets and also caters to the international market said Meeran.