BCCL to buy 12% in Dalmia Continental
March 05, 2013
Source: MM Network
Bennett, Coleman &Company Limited (BCCL), known as the Times of India Group, has taken options to buy upto 12% equity in Dalmia Continental Pvt. Ltd. (DCPL), promoters of Leonardo Olive Oil and Hudson Canola Oil imported from Canada.
In 2011-12, Leonardo Olive Oil experienced a growth rate of 120% in total revenue with sales of Rs 40 crores. The Olive Oil sector in India grew at 45% over the same period. Leonardo is the pioneer in the introduction of Olive Oil for Indian cooking which is the successful strategy behind its high growth rate and acceptance by the Indian consumer.
VN Dalmia, Chairman of 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, fight 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."
A BCCL spokesperson added that"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. 100crores towards its marketing initiatives in the 5 years from 2012-13 to 2016-17.