Spanish player Borges has recently announced India as a new destination in the FMCG segment with the launch of its olive oil brand targeting to become a 100 crore firm in the coming three years. The company has earmarked an investment of up to Rs 60 crore for marketing its products till 2013.
“India and China are the next big opportunities which Borges is looking into. The Asia-Pacific region is a huge growth engine for the company and India will be a big focus market for us,” Borges India Managing Director Rajneesh Bhasin affirmed.
The company’s future roadmap includes various other verticals to mark its presence at a significant level. These include pop corn, table olive, vinegars and dry fruits later this year.
The company expects to capture a 20 per cent share of the estimated 4,500 tonnes of olive oil market in India, in the next three years.
The company has formed an alliance with various retail chains like Big Bazaar, Metro, Hypercity and Nature’s Basket to retail its products, which will be made available in a couple of weeks.
At the beginning, the company is planning to make its destination in six metro cities and then eventually plans to expand in 36 cities and towns to enhance its visibility. The company would source its products from Spain in the initial stage and later may start plantation in the country.