Latest news with #MTR
Time Out
a day ago
- Time Out
The new Huanggang Port is set to be completed this year
Of the various land crossings between Hong Kong and Shenzhen, arguably the most worn and underrated is the Huanggang port. But this checkpoint is due to get a new facelift, with Shenzhen authorities confirming that the project is expected to reach completion within this year. The Huanggang port is the first and only 24-hour passenger checkpoint between Hong Kong and Shenzhen, and has been in the process of reconstruction since 2019. This is the first time that we've had official confirmation about the new port's anticipated timeline. Over the years, travellers have veered towards the Lo Wu and Lok Ma Chau checkpoints since they're more straightforward and linked directly to the MTR. In contrast, Huanggang has always been a little more annoying to navigate, as one would need to go through immigration board a bus, alight after a short ride to go through another immigration checkpoint, before finding and getting back on the same bus. The upside is that it is open around the clock, and since it runs on coach services, travellers will always be able to get a seat. Thankfully, the upcoming remodel is also bringing new checkpoint arrangements. Travellers will only need to go through one round of inspection and customs clearance, replacing the original system which required two checks in both the Hong Kong and mainland Chinese sides. This 'co-location arrangement' means that the clearance process can be dialled down from approximately 30 minutes to a mere five minutes. Without the need for two separate spaces, the redesigned Huanggang port will also be dramatically reduced in size, and the land that will be freed up has been bookmarked for a 'collaborative innovation zone' for developing an 'international talent community', with 180,000 sq m of living spaces with healthcare and education facilities. And if you've never been a fan of the coaches? The new Huanggang port will be connected to Hong Kong's Northern Link spur line that connects the East Rail and Tuen Ma lines, as well as Shenzhen's Metro Line 7. According to the current timeline, the new port will begin operations in 2026. Who's ready for easier trips to cheap food and massages? Hue Dining and Ink Cafe are closing down at the end of June
Mint
2 days ago
- Mint
Hemamalini Maiya of MTR Restaurants sees herself as a custodian of stories
You can't imagine it ever being quiet or empty, but on a weekday afternoon, the 100-year-old MTR Restaurant near Bengaluru's Lalbagh is especially loud and lively. Outside the steps leading into the restaurant, an ecosystem of small businesses has sprung up over the years—flower sellers, newspaper vendors, a fruit seller or two—all targeting customers streaming in for their evening vada and coffee. 'They are part of the MTR family," says Hemamalini Maiya, 52, managing partner, MTR Restaurants, as she leads me inside. I have been to MTR before, of course—you can't call yourself a Bengalurean unless you have stepped in here, bleary eyed after a morning walk in Lalbagh or exhausted from an appointment at the nearby Regional Passport Office, and wolfed down some tiffin with filter coffee so strong you can wrestle it—but this time, Maiya leads me to parts unseen. We walk through the small ground floor rooms, all filled with patrons, past a section of the kitchen where huge vats of sambar are boiling away, up a narrow flight of stairs and on to the first floor, where Maiya leads me through a warren of small rooms, all being put to full use during the rush hour, to her office. 'You would never have been able to find it on your own," says Maiya, laughing, as she places an order for khara bhath (aka upma) and coffee for us. One of Maiya's earliest memories is of walking down to the restaurant with her siblings after catching a movie at the nearby Urvashi Theatre, sitting in one of these small, semi-secret rooms behind the kitchen, and having her favourite rava idli. 'When I eat rava idli even today, I go back in time. It was my favourite dish, followed by 'Fruit Mixture'," she recalls, referring to an MTR innovation—fruit salad topped with almond milk-flavoured ice cream and toppings like paan-flavoured jelly, pomegranate and grapes. Stories about Mavalli Tiffin Room (MTR), the iconic Bengaluru-based restaurant chain, are the stuff of legend; intricately woven with the history of the city and—in an almost Forrest Gump way—the world. Maiya is the third-generation custodian of the company, along with siblings Vikram and Arvind, founded by her great uncle Parampalli Yagnanarayana Maiya and his brothers in the year 1924, when they migrated to Bengaluru from coastal Karnataka to fill a growing need for clean, home-like food in the city. There's the one about how MTR invented the rava idli—it was during World War II, when there was a shortage of rice because of the Japanese invasion of Burma (now Myanmar), and Yagnanarayana Maiya, one of the founders, asked the kitchen staff to try making idlis with semolina instead, mixing it with curd and baking soda for faster fermentation. It became a hit, and eventually made its way to the menus of Udupi cafes and restaurants around the world, of which you could say MTR is the OG. Then there's the Chandrahara, a flaky, layered pastry fried in ghee, that was inspired by Yagnanarayana's travels in Europe. 'My grand-uncle travelled to London and Paris in 1951, and he went around looking at restaurants, absorbing a lot of their processes, their food. He was really taken with French pastry-making techniques and decided to try out a sweetmeat inspired by that… he called it 'French Sweet'," recalls Maiya. 'Sadly, it didn't take off. Yagnappa, as he was fondly called by everyone, was disappointed. Then he had a brainwave. There was a hit Kannada film in theatres called Chandrahara, and he decided to name the sweet after that. Overnight, it was a hit," says Maiya. Most south Indian eateries stick to a limited, tried and tested menu: there are a variety of idlis and dosas, a bunch of upmas, like khara bhath and the slightly fancier vermicelli upma (shavige bhath), pongal, crispy vadas and a halwa for dessert. The ones that do lunch and dinner—and not just 'tiffin"—offer a standard thali. While MTR does all this and more, the legacy of the company has been built on innovation, be it the unusual desserts on its menu or creating packaged, ready-to-eat foods, which was the speciality of MTR Foods, a subsidiary of the company created in 1975 during the Emergency, when state control over restaurants made the business less profitable. Managed by a different part of the Maiya family, MTR Foods eventually broke away to become an independent business entity and was sold to the Orkla Group, a Norwegian business conglomerate, in 2007. Yet, even today, people confuse the two, says Maiya. 'It is part of our complicated legacy. Recently, when there were rumours that Orkla was selling MTR Foods to an Indian FMCG company, media reports carried photos of MTR restaurants," she says, wryly. 'Actually, what bothers me more is when our old-timers, people who have been coming to the restaurant twice a day every day for 40 years, walk up to me and say 'amma, why are you selling the business?' I realise that this place is like a second home to them, and they don't want any changes." Maiya started managing the business in her late 20s after studying engineering at the BMS College of Engineering in Bengaluru. She was planning to go abroad for a masters' degree when life took an unexpected turn. Her father, Harishchandra, who was in charge, was not well, and her brother, who was supposed to take charge of MTR, changed his mind almost overnight about stepping into the role. 'He got cold feet—you could say literally, because our father's shoes were too big to fill. So dad told me 'hey do the best you can' and I stepped in, just like that. There was no planning, no preparation—I just walked into MTR, and that's how my journey began," recalls Maiya. Today, all three of her siblings are involved in the business in various capacities, though she has been calling the shots for over 25 years—a tough act for a woman in a heavily male-dominated industry where most employees, from line cooks to the servers, are men. 'Initially, I think, people were too bemused to react. They thought this was a temporary situation and I'd get married and go away. I earned their trust day by day," says Maiya, who is single. Maiya has added many landmarks to the business. It was a single, stand-alone restaurant when she joined the company, which she helped expand to 17 locations, most in Karnataka and several outside India, in cities like Singapore, Dubai, Kuala Lumpur and London. Most of the new restaurants are called MTR 1924 and feature modern interiors and posher seating, though the menus remain largely the same. In the immediate future, the brand has plans to expand internationally and is looking at the US, Australia and a few locations in South-East Asia. Work on expanding to at least two international locations this year is going on behind the scenes, Maiya says. When asked why they are not looking to expand within India, she says a bit evasively: 'The logistics of it are we don't want to franchise. We want to run the restaurants ourselves and we are stretched as it is. Abroad, having a huge Indian diaspora helps." Along with expansions, another decision that reaped benefits for the restaurant was joining food delivery platforms early in their trajectory—in a meeting for this column with a Swiggy co-founder, he had mentioned that MTR joining the platform as it was expanding was a big morale boost for the then-fledgling startup. Maiya says it was a conscious decision to move with the times—back then, most traditional eateries serving south Indian food were reluctant to join the delivery game. 'So, we were not convinced initially, especially because we didn't want the hassle in the main restaurant, which is already very busy. But then we realised that delivery was going to be a big factor in sales, so we said we won't touch the main restaurant but we will partner through the other branches," says Maiya. 'And I am glad we did because delivery has changed the game. We see that on the business side also. There is a good percentage (of revenue) that delivery brings in. I think it's to do with how the world has evolved. There's more ordering in, and for youngsters especially, going to a restaurant is a special occasion. For functional meals, they would rather order in," she adds, providing a sharp insight into the way different generations approach eating out—for the core, older generation of patrons at MTR, it is the sense of community that brings them in, while for younger folks, eating out is worth it only if you can talk about it on Instagram. She did stick to her guns about not going the multi-cuisine way, even when a lot of older eateries were doing so, introducing Indo-Chinese and north-Indian dishes into their menus. 'It's easy to succumb to that because the margins are higher. I mean, a bowl of north Indian curry—probably the cost price would be less than making a dosa," she says. 'You make the same base curry and add different things to it—sure, I can see the economics of it. But that would dilute our brand. No, we would never do that," she says firmly. A couple of months ago, Maiya and her siblings decided to look back at MTR's journey in a more meaningful way, even as they are in the process of figuring out the company's succession while being very clear that it will stay with the family. 'As we were nearing the 100-year mark, I realised how much we were losing along the way… how many stories were untold as employees, customers, well-wishers passed away," says Maiya. To commemorate the anniversary, she commissioned a coffee-table book called The MTR Story: A Labour of Love. Written by Pratima Chabbi, a former restaurant industry executive turned writer, the book is based on interviews with the Maiya family, restaurant staff, vendors, patrons and even those employed in the informal economy that thrives outside the restaurant. 'I feel like my job is to hold on to this story, you know, but also take it forward. That's always on my mind," says Maiya.
Entrepreneur
12-06-2025
- Business
- Entrepreneur
MTR-Eastern Owner Files Papers for IPO, NSDL Gearing for Listing in July
Orkla India, the owner of food brands MTR and Eastern, has submitted preliminary documents with SEBI and the NSDL is reportedly preparing for its much-anticipated initial public offering (IPO) in July 2025. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Orkla India, the owner of food brands MTR and Eastern, has submitted preliminary documents with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Tuesday. According to the draft red herring prospectus (DRHP) filed by the company, the public listing will be a complete offer for sale (OFS) of 2.28 crore equity shares. These shares will be sold by the share selling promoters, Orkla Asia Pacific Pte Ltd, including other shareholders Navas Meeran and Feroz Meeran. Because of the nature of the IPO, the company will not raise any funds from the listing, with all the funds raised going to the shareholders selling their shares. As per its equity composition, 10 per cent of the company is equally owned by shareholders Navas Meeran and Feroz Khan, while Orkla Asia Pacific Pte Ltd and its parent company, Norwegian Industrial Group Orkla ASA). Formerly known as MTR Foods, Orkla India is a company with diversified offerings with products including spices, ready-to-eat meals, and breakfast mixes under the brands MTR and Eastern. ICICI Securities, Citigroup Global Markets India, JP Morgan India, and Kotak Mahindra Capital Company will be the book running lead managers (BRLMs) for the IPO. The broader food processing industry in India (including packaged foods) hit INR 30.5 trillion, which is approximately USD 370 billion in 2024, and is expected to reach INR 65.2 trillion by 2033 with a compound annual growth rate (CAGR) of approximately CAGR 8.4% per cent, according to imarc. The packaged food segment itself stood at INR 28 trillion in 2023, projected to rise to INR 61 trillion by 2032 with a CAGR of approximately 9.1 per cent, accorsding to Research and data. NSDL The National Securities Depository (NSDL) is reportedly preparing for its much-anticipated initial public offering (IPO) in July 2025, according to a Bloomberg report citing people familiar with the matter. According to the report, NSDL is aiming to raise close to INR 3421.6 crore (USD 400 million). With the markets regulator SEBI already giving the nod for its public listing last year, the report says processes necessary internally are speeding up. NSDL, being a SEBI-registered market infrastructure institution (MII), has played a key role in the dematerialisation of securities in Indian capital markets. The institution also provides essential electronic infrastructure for the dematerialization process as well as electronic settlement of trades in the Indian securities market. The listing will be a full offer for sale (OFS), with existing shareholders such as DBI Bank, the National Stock Exchange of India (NSE), and State Bank of India (SBI) selling their shares. Since the public listing is fully OFS, NSDL will not raise any funds through the listing. NSDL reported total revenue from operations at INR 1,268.24 crore in FY24, with 37.3 per cent of the said revenue coming from its depository services.
Time of India
12-06-2025
- Business
- Time of India
Orkla India files IPO papers with Sebi
New Delhi: Orkla India, which owns spices and condiments brands MTR and Eastern, has filed preliminary papers with markets regulator Sebi for an initial public offering (IPO). The company's IPO is a complete offer for sale (OFS) of 2.28 crore equity shares by promoter and other shareholders, according to the draft red herring prospectus (DRHP) filed on Tuesday. Under the OFS, promoter Orkla Asia Pacific Pte and shareholders Navas Meeran and Feroz Meeran are offloading shares. At present, the promoters -- Orkla Asia Pacific Pte Ltd and Norwegian industrial investment company Orkla ASA -- hold 90 per cent stake, while Navas Meeran and Feroz Meeran own 5 per cent stake each in the company. Since it is an OFS, the company will not receive any proceeds from the IPO and the entire money will go to the selling shareholders. Orkla India, formerly known as MTR Foods , is a multi-category Indian food company. It manufactures products such as spices and masalas, ready-to-eat sweets and breakfast mixes, under prominent brands such as MTR, Rasoi Magic, and Eastern. The company sells its products under the brands MTR and Eastern. According to Technopak report, the Indian packaged food market was estimated at Rs 10.18 lakh crore in FY24, reflecting a CAGR of 10.8 per cent compared to FY19. ICICI Securities, Citigroup Global Markets India, JP Morgan India, and Kotak Mahindra Capital Company are the book-running lead managers to the issue. In March, Orkla India appointed four independent directors as part of restructuring of its board. PTI
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Business Standard
11-06-2025
- Business
- Business Standard
Packaged foods firm Orkla India files DRHP for IPO, sees market growing
Orkla India has filed a draft red herring prospectus (DRHP) with the market regulator for a complete offer for sale (OFS), said the packaged foods company on Wednesday. The company's promoters Orkla Asia Pacific, Navas Meeran and Feroz Meeran will offload 22 million shares in the initial public offering (IPO), according to the DRHP. Shareholders will get the entire proceeds and the company, which was formerly known as MTR Foods, will not receive any proceeds from the OFS. India's packaged food market is projected to grow at a compound annual growth rate of 11.0 per cent to reach Rs 17.12 trillion by FY29, according to its DRHP. The market was worth Rs 10.18 trillion in FY24, reflecting a CAGR of 10.8 per cent compared to FY19. 'The high growth is driven by rising disposable incomes, urbanisation, lifestyle changes, nuclearisation, and a growing workforce, particularly among women. The packaged food market remains stable throughout the year, as demand is primarily driven by regular consumption rather than seasonal fluctuations,' said the DRHP. Orkla has two brands: MTR and Eastern Spices. Urban areas account for 65-70 per cent of packaged food demand in India. Rural markets are gaining traction due to rising income, improved infrastructure and greater media penetration. Additionally, various brands are making efforts to extend their distribution in rural markets and improve product availability, said Orkla. The MTR brand was established in 1924 and it has the exclusive rights to the MTR brand (for processed packaged foods and beverages). Its FY25 revenue from operations was Rs 23,94.71 crore.
