Marico Industries Ltd has revealed plans to launch refined groundnut oil under its Sweekar brand.

The Rs700-crore (US$143.69m) company already produces refined sunflower and soybean oil under the brand.

The new product will be targeted at markets in western India, primarily Gujarat and Maharashtra, where it will sell for Rs62 per one-kilogram pack.

According to Indian Business Insight, MIL decided to produce groundnut oil because groundnuts are grown in India and are therefore not subject to variable price fluctuations and customs duties.