Dalmia Continental, flagship company of Dalmia Jain Group is planning to raise R25Cr PE investment by offloading 22% stake in the company for further expansion in its FMCG business.
The company plans to use the funds for marketing expenses to promote its Leonardo brand in the FMCG category, BL stated.
In September, Italian firm Nicola Pantaleo acquired 27% stake in the company. Nicola Pantaleo have been supplying olive oil to Dalmia Continental from 2003. It partnered with Pantaleo for stability of supply and guarantee of best prices.
Located near Bari in the Puglia region of Italy, Pantaleo is leading Italian producer of olive oil and is a leading exporter to markets such as USA, Japan, Brazil, South Korea, Russia, Malaysia, and the EU.
Founded by Ramkrishna Dalmia, Dalmia Continental distributes and sells olive oil, pasta, canola edible oil, and green and black table olives in India. It sells olive oil under Leonardo brand.
The company also plans to expand its portfolio with products such as pastas, table olives, pickles and ethnic fried snacks made in olive oil.
Leonardo claims to be the market leader with a 30% share followed by others such as Figaro and Borges. Leonardo, Figaro and Borges (including Cesar) are three leading brands that account for more than 60% of the annual retail sales across the country. RS, Bertolli, Del Monte, Fragata, Colavita and Athena are some of the other top brands selling in the Indian market.
Spain, Italy and Turkey are the three primary sources for India’s olive oil and olive pomace oil imports. Greece, Syria and Tunisia have smaller shares.
In the 2011-12 financial year, the total import volume of olive oil in India stood at 6,900 tons, about 80% of which came from Spain and Italy.
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