Emami in talks to buy Marico's edible oil brand: Report

Emami group is close to sealing a deal to buy refined sunflower oil brand 'Sweekar' from Marico, the Business Standard reported on Monday.

Now, Emami is in advanced stages of discussion with the Mumbai-based Marico for acquiring Sweekar, the report said citing an official close to the development.

Emami's edible oil business is under its unit Emami Biotech, the report said.

This is market speculation and we cannot comment on this, the report said citing a Marico spokesperson.

"We are on expansion mode and will invest about 1,000 crore (Rs10 billion) in the edible oil sector. The firm is looking at some acquisitions also, but nothing has been finalised," the report quoted Emami director Aditya Agarwal as saying.

Reuters could not immediately contact officials of Emami and Marico for comment.