Bunge India on Tuesday said it is eyeing 20 per cent growth in its Vanaspati business to about Rs 2,400 crore as it re-launches heritage brand 'Gagan Vanaspati', fortified with Vitamin A and D and comes with zero cholesterol.
"We anticipate 20 per cent increase in business growth from Vanaspati business with the re-launch of Gagan Vanaspati brand in new avatar," company's vice president, Foods Business (Dalda), Dinesh Agarwal told reporters on Tuesday.
The company's total business from Vanaspati is pegged at Rs 2,000 crore per annum. "With this launch, the business from Vanaspati is expected to reach about Rs 2,400 crore by current fiscal end," he added.
The new Gagan Vanaspati is zero cholesterol and fortified with Vitamin A and D which are good for eyesight and bones, he said.
"It is also whiter in colour and granular in texture. These attributes add distinct taste to the food made with Gagan Vanaspati," he added.
"Gagan Vanaspati, which has always been synonymous with the taste of celebration, has undergone significant changes making it healthier and of a better quality whilst retaining the traditional properties which it is known for," he said.
The company re-launches Gagan Vanaspati at a time when the overall market of Vanaspati business is degrowing across the country.
"The market of Vanaspati is not growing in the country. It is rather degrowing by 5-6 per cent," said Agarwal.
The total market size of Vanaspati in India stands at 2.97 lakh tonnes per month.However, Agarwal said its Vanaspati brands-Gagan, Dalda is growing by 10-12 per cent per annum.
The company claims that its Gagan brand has market share of 46 per cent in Punjab, 40 per cent in Haryana and 6 per cent in Uttar Pradesh.
Bunge India had acquired edible oil, fats business and Gagan brand of Amrit Banaspati in 2012.
Bunge India is a wholly owned subsidiary of New York headquartered Bunge Limited, a leading global agribusiness and food company operating in over 40 countries.