Making a fortune

Ahmedabad: The edible oils market in India today is seeing a ding-dong battle between soyabean, long considered the fishy oil on account of its fish-like smell, and sunflower oil, which has been promoted mainly on the health plank.

Now an ORG-Marg survey has thrown up surprising results. Sunflower oil, which was growing at 56 per cent per quarter, has decelerated to a 20 per cent growth and the hiatus has been filled by soyabean oil, which was growing at 10 per cent but has now leapfrogged to 174 per cent.

Much of the credit for putting soyabean right up there goes to the Ahmedabad-based Rs 1,165 crore refined edible oil trader and manufacturer Adani Wilmar (AWL). Its Fortune range of refined edible oils has beaten the odds and emerged as the single largest brand in the refined edible oils segment, within a short period of 16 months from the date of its launch, as per the latest AC Nielsen ORG-Marg Retail Audit Report 2002.

Says AWL managing director Rajesh Adani: “Fortune today owns 10 per cent market share in the refined oil segment. What we have achieved is something to be justifiably proud of, considering that in 16 months flat we have toppled several leading players from their position of leadership. The product was first launched on 24 November 2000 in Jaipur. In January 2002, it was launched in New Delhi and in March 2002 in Gujarat.“

The larger picture
Being part of the Rs 4,200-crore Adani conglomerate (www.adanigroup.com), which has interests in trading, refining, retail, information technology and ports, has certainly helped Fortune's cause, as has association with globally leading players in the fields of oil trading and refining. The Adani group signed a joint venture pact with Wilmar Holdings Pvt Ltd, the world's second largest player in the edible oil trade in 1999.

The technology was sourced from the American group Archer Daniel Midlands, the world leader in edible oils processing technology, which has a 2 per cent stake in Wilmar. “Thus AWL, the 50:50 joint venture, was born with good credentials,“ beams Adani.