NEWS
SULA VINEYARDS ACQUIRES ND WINES TO EXPAND WINE TOURISM FOOTPRINT
By Susan Lewis
9-4-2024
Source: Sula Vineyards
The board of Sula Vineyards, India’s only publicly listed winemaker, has approved the purchase of the entire shareholding of N D Wines for Rs140 million (USD1.7m), making it a wholly owned subsidiary of Sula.
Sula Vineyards said the acquisition is due to be completed by the end of April.
Established in 2000, ND Wines has 700 acres of vineyards in the Sahyadri mountain range, it is said to be the first winery in India to grow the Cabernet Sauvignon variety.
Sula Vineyards CEO Rajeev Samant said: “Strategically located on the highway less than 50km from the Gujarat border in Dindori, ND Wines presents a great opportunity for expanding our wine tourism footprint.”
“We anticipate a seamless integration of ND’s operations into our own within Q1 itself. This is Sula’s second acquisition in three years and highlights that we are always on the lookout for good strategic M&A opportunities.”
Sula Vineyards has delivered net revenue growth of 10 percent to Rs6.09 billion in the financial year ending 31 March 2024.
Sula’s own brands sales grew 11 percent, while their premium own brands grew over 15 percent as wine tourism business climbed 22 percent.
The company achieved its highest ever annual footfall of over 400,000 with wine tourists passing through their gates in the period.
The winery will open it first ever tasting room outside of their premises near Nasik airport later this month.
(the writer can be contacted at: info@thewinechronicle.com)
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