US-based food giant Cargill has agreed to acquire Wipro's flagship brand Sunflower Vanaspati for some undisclosed amount of money.

The transaction will not involve any asset-sales apart from the product brand, but Cargill is optimistic that the deal will allow it to boost its existing portfolio of edible oil and vanaspati brands and also expand its market reach in the market.

In Maharashtra, Wipro's Sunflower Vanaspati is a premium brand with sales of around Rs 30 crore. Cargill, which ranks third in the pecking order of edible oil firms after Adani Wilmar and Ruchi Soya in India, has an annual turnover of around Rs 4,000 crore.

Cargill India's chairman Siraj Chaudhry said in a statement that the acquisition of Wipro's Sunflower Vanaspati was an excellent fit for the US-based food giant.

Commenting on the deal, Chaudhry added, "Acquiring Sunflower Vanaspati underscores Cargill's long-term commitment to growing our consumer food business in India."

None of the two sides disclose the value of the deal, but analysts have pegged it at around Rs 40 crore.

This is going to be Cargill's fourth acquisition in the last six years. Earlier, Cargill acquired Gemini Sunflower Oil, Rath vanaspati brand from Agrotech, and Sweekar Sunflower Oil from Marico in 2006, 2010 and 2011, respectively.