US food major Cargill has acquired Dalmia Continental’s olive oil business under ‘Leonardo’ brand, for a consideration less than Rs 100 crore.
Leonardo is a leading olive oil brand in the country with annual sales volume at 3,000 tonnes, which is 25 per cent of the country’s total market size.
“We have acquired Leonardo olive oil business as part of company’s strategy to expand in the growing Indian food market and gain more access to the healthy and quality conscious consumers,” Cargill India Chairman Siraj Chaudhry told PTI.
“We sell about 400 tonnes of olive oil annually in India under ‘Nature Fresh’ brand and this acquisition would help consolidate position in the premium oils segment,” he added.
The agreement with Dalmia Continental Pvt Ltd has already been signed, he said, but refused to disclose the deal size.Cargill buys Leonardo olive oil business from Dalmia Continental,