Hyderabad-based Gemini Edibles and Fats India Private Limited (GEF India), which started its operation in April 2010, is targeting a turnover of Rs 1,500 crore by this year-end.
“The company recorded Rs 1,358 crore turnover in 2011-12 with its annual sales of 180,000 tonne edible oil. We are looking at 200,000 tonne oil sale this year,” Pradeep Chowdhry, managing director of GEF India, told mediapersons here at the launch of the company’s new one litre PET bottle and 15 litre HDPE jar of ‘Freedom’ sunflower oil.
GEF India has two refineries at Krishnapatnam and Kakinada with a total investment of Rs 150 crore. It markets its products under three brands — ‘Freedom’ for sunflower oil, ‘First Klass’ for palmolive oil and vanaspati and ‘GEF Magik Food Services’ for value-added fats.
According to Neilsen Retail Audit Data, Q2 2012, Freedom refined sunflower oil ranks as the number two brand by market share in Andhra Pradesh and Odisha.
“We are targeting to be the number one player in the segment in these two markets in two years,” said P Chandra Shekhar Reddy, vice president (sales and marketing), GEF India.
Pointing out the current edible oil requirement in the country, Chowdhry said though the requirement was 15-16 million tonne annually, the country produced less than half.
“Also, the per capita cooking medium/edible oil consumption in India is 12-13 litres per annum, whereas the world average is 21 litres. So, there is a huge opportunity in the segment,” he added.
On the recent notice to GEF India by the state department of health, family welfare and food safety for its misleading advertisement on zero per cent cholesterol in ‘Freedom’, Chowdhry said, “All genuine vegetable oils do not contain much cholesterol. Also, we have done our testing and city-based Vimta Labs has checked and certified it.”
