MTR Foods Ltd, the Bengaluru-based food products firm owned by Norwegian company Orkla, plans to invest Rs 200 crore to expand capacity to meet growing demand for its products.
MTR, which unveiled its new brand identity with a contemporary logo, expects the investment to be spread over three years. The firm plans to expand its distribution across Karnataka andd Andhra Pradesh. At the same time, MTR has opened an online store to sell over 140 products to consumers first in Bengaluru and expand to other cities.
It has tiedup with Fedex to deliver its ready to eat food products to consumers.
"As a brand we needed to change to reflect who our key consumers are today. While the new brand identity better represents where the company is today, our detailed growth strategy will make MTR ready for the future," Sanjay Sharma, chief executive officer at MTR Foods said on Tuesday.
Orkla acquired MTR, a Bengaluru family-run business reputed for its hygenic and quality products in 2007, among the first large foreign investments in the Indian food business. Since then, it has invested Rs 230 crore in the company. The additional investment would be met through internal accruals, Atle Vidar, Executive Vice President and CEO, Orkla Foods said.