Agro Tech Foods to foray into olive oil category

Agro Tech Foods, a subsidiary of the US-based Conagra Foods is planning to foray into olive oil category with launch of new brand -- Olivea. This would be the third brand in its India portfolio after Sundrop and Act II. Considering olive oil is an imported commodity, the fast moving consumer goods company has decided to blend it with sunflower oil to hedge itself against the depreciating rupee.

Conagra Foods entered India by acquiring majority stake in ITC Agrotech and naming its subsidiary as Agrotech Foods. The 25-year-old Sundrop oil brand, with sales turnover of Rs 450 crore this fiscal, has also been extended into new categories such as peanut butter and cooking sprays.