Cargill, an American agribusiness giant, has entered into an agreement to acquire Dalmia Continental’s (DCPL) Leonardo Olive Oil business.
Leonardo is the leading brand in the olive oil segment in India.
With this acquisition, Cargill, which already has a strong presence in the global olive oil segment, will have an opportunity to participate and create value of this nascent and high-growth category in India.
The company will now be able to consolidate its position in the premium oils segment.
Cargill India chairman Siraj Chaudhry said, "This acquisition represents a natural extension of Cargill Food's India strategy in the premium consumer space by providing a diversified portfolio of products. We will build on its strong brand heritage, and consumers will benefit from Cargill's commitment to quality, food safety, innovation and value."
Cargill Foods India Consumer Sales director Aseem Soni said, "Acquiring Leonardo underscores Cargill's long-term commitment to growing our consumer food business in India. It is an excellent fit with our existing strong brand portfolio through which we serve a significant consumer base across the country.
"Leonardo's acquisition will give us the relevant access & entry to a premium brand in edible oils which has the potential to be horizontally integrated across other premium & related food categories."
