Financial Daily from THE HINDU group of publications
Tuesday, Sep 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Sep 30, 2003 |
|
|
|
|
|
Marketing
-
New Products & Services Dalmia Continental forays into olive oil Our Bureau
Mr V. N. Dalmia (right), Chairman, Dalmia Continental Pvt. Ltd, with Mr N. Rajagopalan, President & COO, Olive Products Division, at a press conference in the Capital on Monday. — Ramesh Sharma
New Delhi , Sept. 29 IT could have been wine, but they finally decided to settle with olive oil and related products, said Mr V.N. Dalmia, Chairman of Dalmia Continental Pvt Ltd (DCPL), on the company's foray into edible oil. The company on Monday launched its olive pomace oil, or light cooking grade oil, under the Leonardo brand name. Though the company is importing the finished product from Italy at present, it has earmarked an investment of Rs 100 crore over five years in olive oil and related products, Mr Dalmia said. Also on the radar are plans for backward integration, however, this would depend on the WTO and the subsequent prices at which olives would be imported, he added. Leonardo Olive Oil is priced at Rs 290 for one litre and Rs 170 for 500 ml. Though the pricing is competitive in terms of similar products in the market, it is almost three times the price of other refined oils. However, he pointed that olive oil's usage is one-third that of other oils, hence, consumption is less. Mr Narayan Rajagopalan, Chief Operating Officer, DCPL's Olive Products Division, told media persons that the finished product was currently being imported from Italy's Nicola Panteleo, an Italian company with whom DCPL has a technology tie-up. DCPL expects to cover the domestic market by March 2004. In this period, the company looks to clock 60,000 litres, besides Rs 10 crore in revenues. Other products to be rolled out over the next one year include, balsamic vinegar, infused oil (with flavours such as garlic and paprika), sundried tomatoes and olive fruits. Annual imports of olive oil into India average at an estimated 1,000 tonnes and the segment is growing at about 40 per cent annually, he said. Olive oil at present has an import tariff of about 50.1 per cent. Meanwhile, Mr Dalmia said that while there were three types of olive oil, as per the European Union regulations - the high-grade extra-virgin olive oil, the medium grade pure olive oil and pomace olive oil, the segment in which DCPL looks to operate.
Article E-Mail :: Comment :: Syndication
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|