Bennett, Coleman & Company Limited (BCCL) has taken options to buy up to 12 per cent equity in Dalmia Continental Pvt Ltd (DCPL), promoters of Leonardo Olive Oil and Hudson Canola Oil.
Leonardo Olive Oil is leading olive oil brand in the nation and holds 30 per cent share in the olive oil market. Hudson Canola Oil is leading Canola oil imported from Canada, shared an official release.
VN Dalmia, Chairman, Dalmia Continental said, “We will not rest until olive oil becomes the main cooking medium in India. India is world no. 1 in heart disease, world no. 2 in diabetes and world no.1 in hypertension. The high mono-unsaturated fat in olive oil prevents heart disease, reduces cholesterol, fights diabetes and controls hypertension. There is also higher purpose behind our efforts: to improve the health of the nation. Our sole aim is not only to make profits.”
In 2011-12, Leonardo Olive Oil experienced a growth rate of 120 per cent in total revenue with sales of Rs 40 crore. The olive oil sector in India grew at 45 per cent over the same period.
A BCCL spokesperson said, “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 due to the consumer’s need for their products as well as the higher social purpose behind their efforts. By targeting investments to selected brands that have high potential, the Times Group has assisted several brands to become super-brands.”
DCPL plans to spend a total of Rs 100 crore towards its marketing initiatives in the five years from 2012-13 to 2016-17. The Leonardo ad campaign, which launched last year, has been designed by Euro RSCG.
DCPL is a joint venture company with the Italian corporate Nicola Pantaleo, SPA which holds 27 per cent equity. The flagship company of VN Dalmia, DCPL launched Leonardo Olive Oil in 2003.