Leading olive oil firm Dalmia Continental today said it will sell up to 12% stake in the company to Bennett, Coleman and Company Ltd (BCCL).
In September 2012, the company had sold 27% stake to Italian firm Nicola Pantaleo for an undisclosed amount.
"Bennett, Coleman & Company Ltd (BCCL), otherwise known as the Times of India Group, has taken options to buy up to 12% equity in Dalmia Continental Pvt Ltd (DCPL)," Dalmia Continental said in a statement.
Dalmia Continental sells olive oil under Leonardo brand, which claims 30% market share. The company had posted a turnover of Rs 40 crore in 2011-12 and is targeting Rs 70 crore this fiscal.
"The Times Group has consistently helped promising brands to achieve their potential. Leonardo is the leading olive oil brand and the Times Group is pleased to be associated with a company and brand that have the potential to grow exponentially...," a BCCL spokesperson said.
Highlighting the benefits of olive oil, Dalmia Continental Chairman V N Dalmia said: "We will not rest until olive oil becomes the main cooking medium in India ... The high mono-unsaturated fat in olive oil prevents heart disease, reduces cholesterol, fights diabetes and controls hypertension".
Dalmia plans to spend Rs 100 crore towards its marketing initiatives in the next five years.
The company had imported 1,872 tonnes of olive oil out of the country''s total imports of 7,163 tonnes in 2011-12. In this fiscal, the company expects to import about 2,700 tonnes, out of estimated import of over 10,000 tonnes.
