Jivo eyes 10% share by 2015 with canola oil

New Delhi : With the inauguration of its new canola oil bottling plant here on Friday, Jivo Wellness announced that it was eyeing a 10 per cent market hare in the edible oil market within the next five years.

Jivo, an unit of Akal Information Systems Limited, said it intends to project canola oil as the healthiest oil and make it a Rs 1,000 million brand over the next two years and grow to Rs 5,000 million by 2015.

Company director R P S Kohli said, ?According to industry estimates, a 4 per cent increase in per capita consumption and a population growth of 1.9 per cent will foresee 21.3 million tons of demand for edible oil by 2015, creating a significant market for brands like us.?

The company on Friday also launched consumer packs of 1, 2 and 5 litres.

Jivo Wellness plans to invest Rs 200 million in the first year of operation, and intends an additional investment of Rs 600 million in ?near future? to increase capacity.

Company officials said the newly set up in-house filling and capping plant to bottle the product in India, would help Jivo to outprice imported brands of canola oil in India and to sell at half of their price. The installed capacity of this plant is to produce 12 million litres of canola oil per annum.

As a pilot project, Jivo already has a head start on the canola plantations in northern India. A group of senior researchers and scientists spent more than six years to plant breed the canola seed in India, said the company in a statement.

In future Jivo would be keen to manufacture in India, besides, starting contract farming in a big way soon to reduce imports.