Chennai, Aug 19 (IANS) Emami Biotech, the latest entrant in the growing packaged edible oil segment, is hoping to capture 15 percent market share in three years time.
Part of the Kolkata-based Emami Group, the Rs.8.5 billion turnover company entered the branded edible oil segment recently with its Healthy and Tasty brand sunflower, palm and rice bran oil.
‘The total edible oils market in India is around Rs.1,000 billion of which the share of branded segment is Rs.120 billion and is growing. We are targeting a sales of Rs.1,500 crore in three years time. In the first year we hope to earn around Rs.300 crore,’ Aditya V. Agarwal, director, told reporters here Thursday.
Emami Biotech that imports crude palm, sunflower and rice bran oil is expanding its oil refining capacity by putting up new refineries in Andhra Pradesh and Gujarat at an outlay of Rs.500 crore.
The company has already expanded its existing edible oil refinery at Haldia in West Bengal investing Rs.100 crore.
‘We have also taken 100,000 acres in Ethiopia on long lease to grow palm, sunflower oil seeds and jathropha plantations. The outlay will be around Rs.250 crore. We are in the process of investing there,’ Director Manish Goenka added.
Launching the brand in Tamil Nadu, Orissa, West Bengal and Karnataka, Goenka said the brand would go national by April/May next year.
He said the company will be launching the brand in Maharashtra in four months time.
Emami Biotech will spend Rs.20 crore on brand building during the first year of operations and has roped in cricketer M.S. Dhoni and actor Preity Zinta as brand ambassadors.
The company is also targeting 10 percent sales from institutional segment comprising hotels, restaurants and modern retail chains.
