Spanish food major Borges on Thursday announced the setting up of its Indian subsidiary and launched its flagship product olive oil.
“As part of our expansion plans, we will build a robust distribution network and introduce our products in leading food retail outlets in six metros — Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Pune — and expand it to 36 cities and towns by 2011,” Borges India Pvt. Ltd. Managing Director Rajneesh Bhasin told journalists here.
Stating that Borges would collaborate with nutritionists to take the message of healthy living to Indian consumers, Mr. Bhasin said the company had introduced olive oil in three variants — extra virgin, extra light and pure olive oil — besides launching vinegar and microwave popcorns. “We want to attain firm foothold in India and establish leadership position by setting up an Indian subsidiary. As the world leader in Mediterranean diet, Borges' promise is to offer Indian consumers world-class products to suit the local tastes and preferences,” he said.
About the company's India plans, Mr. Bhasin said it aimed to become a Rs. 100-crore firm within the next three years.
“We will be investing Rs. 60 crore for marketing our products by 2013. We hope to capture 20 per cent share of the estimated 4,500 tonnes of olive oil market in India. The olive oil market here is now growing at 25 per cent annually,” he added.
Borges would be sourcing its products from Spain right now and would later look at starting plantation in the country. “We are in talks with some of the states like Rajasthan and Himachal Pradesh, where olive plantation is there. India is a favourable place for olive plantation. Our aim is to become a hub for the Asian countries,” Mr. Bhasin said.
