Dalmia Continental to sell up to 12 stake to BCCL

8220;Bennett,Coleman amp; Company Ltd BCCL,otherwise known as the Times of India Group,has taken options to buy up to 12 per cent equity in Dalmia Continental Pvt Ltd DCPL,8221; Dalmia Continental said in a statement.

Dalmia Continental sells olive oil under Leonardo brand,which claims 30 per cent market share. The company had posted a turnover of Rs 40 crore in 2011-12 and is targeting Rs 70 crore this fiscal.

8220;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 exponentially8230;,8221; a BCCL spokesperson said.

Highlighting the benefits of olive oil,Dalmia Continental Chairman VN Dalmia said: 8220;We will not rest until olive oil becomes the main cooking medium in India 8230; The high mono-unsaturated fat in olive oil prevents heart disease,reduces cholesterol,fights diabetes and controls hypertension8221;.

Dalmia plans to spend Rs 100 crore towards its marketing initiatives in the next five years.

The company had imported 1,872 tonnes of olive oil out of the country8221;s total imports of 7,163 tonnes in 2011-12. In this fiscal,the company expects to import about 2,700 tonnes,out of estimated import of over 10,000 tonnes.