Cargill has added to its edible oil portfolio in India through the acquisition of the Leonardo brand of olive oil from local group Dalmia Continental.
A statement announcing the deal confirmed that the acquisition helps Cargill consolidate its position in the “premium” oils segment.
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Siraj Chaudhry, chairman of Cargill’s operations in India, said: “Olive oil is a rapidly-growing segment gaining much popularity as a healthy cooking option. This acquisition represents a natural extension of Cargill India’s strategy in the premium consumer space by providing a diversified portfolio of products.”
The agreement will see the chairman of Dalmia Continental, VN Dalmia, become an advisor for the Leonardo olive oil business.
Dalmia said: “Dalmia Continental drove the olive oil market in India to high rates of growth and made Leonardo the leading brand. We were determined to let our baby go only to a new parent that we were certain would foster it with the same care and attention that we did. There is an inflection point in the life of each product and Leonardo is at that point. It is poised to take the next leap forward to retain its leadership status and Cargill is the best new parent to promote that effort.”
The product is no alien to Cargill Foods India’s portfolio as the firm is familiar with processing, refining and marketing a wide range of both indigenous and imported edible oils, fats and blends to the food industry.
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By GlobalDataIt owns and operates three edible oil refineries located at Paradeep (Odisha), Kandla (Gujarat) and Kurkumbh (Maharashtra) which comply with world-class international quality assurance and food safety standards.
It also acts as a marketing host of packaged edible oils Naturefresh, Gemini, Sweekar, Rath and Sunflower Vanaspati.
Aseem Soni, director of consumer sales for Cargill Foods India, said Leonardo olive oil was “an excellent fit with our existing strong brand portfolio”.
He added: “Leonardo’s acquisition will give us the relevant access and entry to a premium brand in edible oils which has the potential to be horizontally integrated across other premium and related food categories.”
