City-based Jivo Wellness today said it expects to garner sales of Rs 100 crore over the next two years from its 'Jivo' canola edible oil brand.
The company, which started operations this fiscal, plans to set up a crushing-cum-refining facility at Sangrur, in Punjab, at an investment of Rs 45 crore.
It is also looking to expand its presence beyond the National Capital Region by making an entry into Maharashtra, Kerala and Tamil Nadu by December this year.
"Our target is to achieve a turnover of Rs 100 crore by 2012 and (become) a Rs 500 crore brand in the next five years. We aim to capture a 10 per cent share of the Indian packaged branded edible oil by 2015," Jivo Wellness Director R P S Kohli told reporters here.
At present, the Indian packaged branded edible oil market is estimated to be around Rs 10,000 crore, in which canola oil has a negligible presence.
"We will be doing a lot of awareness and promotional activities as we start selling to other parts of the country as well," he said.
The company, which has tied up with Canada-based Richardson Oilseed Limited for sourcing canola oil, opened its second bottling plant here with a production capacity of 50,000 litres a month, on which the firm invested Rs 2 crore.
At present, Jivo canola oil is only sold in Delhi, the NCR and Punjab and is priced within the range of Rs 150 to Rs 675 for various pack sizes.
"Right now we are sourcing canola oil from Canada. Our first bottling plant in Punjab has a capacity of 4 million a month, while this one is about half a million every month," he said.
Jivo Wellness is an interest of technology solutions provider Akal Information Systems.
