Dalmia Continental has announced that it will sell its two other olive oil brands after divesting its leading brand – Leonardo – to US food major Cargill earlier this year, says a PTI report
Dalmia Continental Pvt Ltd (DCPL) is required to exit all olive oil related categories as part of its agreement with Cargill. Cargill acquired Dalmia Continental’s olive oil business under ‘Leonardo’ brand for a consideration less than Rs 100 crore.
“Following the divestment of Leonardo, its leading national olive oil brand, to Cargill India earlier this year, DCPL is now putting its two other brands Marco Polo and OliRyze on sale,” DCPL said in a statement.
DCPL is the flagship company of promoter V N Dalmia. Olive oil business is growing at a rapid pace in India as customers are switching to this oil due to its health benefits.
Cargill India, which posted a sales turnover of nearly Rs 10,000 crore in the 2012-13 fiscal, had in the past acquired brands including ‘Sunflower Vansapati’ from Wipro in 2012 and ‘Sweekar’ from Marico and ‘Rath’ Vanaspati from Agro Tech.
Cargill, which has a presence in 67 countries, provides food, agriculture, financial and industrial products. Cargill India started operation in 1987. It has businesses in refined oils, food ingredients, grain and oilseeds, sugar, cotton, and animal feed.