American food company Cargill has bought the olive oil unit of Dalmia Continental under the Leonardo brand. The transaction is reportedly valued at less than INR100 crore, according to Money Control.

With a yearly sales volume of 3,000 tons, Leonardo is the top olive oil brand in India. That volume comprises 25% of the Asian country's total market size, the report detailed.

Cargill India Chairman Siraj Chaudhry said of the deal: "We have acquired Leonardo olive oil business as part of company's strategy to expand in the growing Indian food market and gain more access to the healthy and quality conscious consumers. We sell about 400 tonnes of olive oil annually in India under 'Nature Fresh' brand and this acquisition would help consolidate position in the premium oils segment."

Chaudhry also said the deal has been signed, but he did not disclose the exact value of the purchase. However, sources said the deal is estimated to be under INR100 crore, the report stated.

Cargill currently operates in 67 countries to supply food, financial, industrial, and agricultural products. Established in 1987, the firm is engaged in the businesses of refined oils, grain and oilseeds, cotton, animal feed, sugar, and food ingredients, Money Control reported.