Cargill acquires Dalmia’s “Leonardo” olive oil1 min read . Updated: 11 Feb 2014, 01:00 AM IST
The acquisition will help Cargill build its premium oils business of hydrogenated fats in India
New Delhi: Cargill India Pvt. Ltd, which sells refined oil and food ingredients, has acquired Dalmia Continental-owned Leonardo brand of olive oil for an undisclosed amount, according to a press statement released by Dalmia Continental on Monday.
“This acquisition represents a natural extension of Cargill Food’s India strategy in the premium consumer space by providing a diversified portfolio of products," said Siraj Chaudhry, chairman, Cargill India.
Olive oil is a rapidly growing segment gaining much popularity as a healthy cooking option, added Chaudhary. The olive oil market in India has grown from 1,000 tonnes in 2003 to 12,000 tonnes in 2013, according to the Indian Olive Association.
Acquisition of the ₹ 60 crore-brand comes as sales of olive oil have slowed down over the past 12 months. Sales volumes have been flat in the past 12 months largely on account of a spike in olive oil prices globally. Prices of olive oil rose by 60% in 2013 compared to the previous year.