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| John Distilleries to raise Rs 200 cr by March |
| BS Reporter / Chennai/ Hyderabad Jan 13, 2010, 00:59 IST |
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John Distilleries Limited, a manufacturer of Indian made foreign liquor, is hopeful of raising private equity capital of Rs 200 crore by March, this year.
“Talks regarding raising private equity capital are in an advanced stage and we should be able to close the deal by March, this year,” company’s vice chairman and chief executive officer, Asif Adil, said.
He said the money, to be raised by divesting about 25 per cent of the company’s shareholding, would be utilised for part financing the future plans of ramping up its manufacturing capacity and introducing premium brands. Over the next two years, the company proposes to create additional bottling capacity in Andhra Pradesh and set up distilleries in north India.
According to Adil, the company has new bottling tie-ups in Madhya Pradesh, West Bengal, Orissa and Assam and will be expanding its distribution network across the country by April, this year. Presently, it has operations in the entire south India and nine other states.
“We are moving from a one-brand, south-centric company to a national player with multiple brands,” Adil said, adding the company had recently launched Mont Castle, a French grape brandy across southern states and Puducherry.
In the current financial year, he said, the company was expecting a turnover of about Rs 500 crore as against Rs 350 crore last year. In volume terms, sales would go up to 12 million cases in the current year from 8.9 million cases in 2008-09.
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