Mallya to invest Rs 2.9 cr for winery plant
Announcing UB Group's formal foray into the country's lucrative wine market, liquor barron Vijay Mallya will invest 5 million euros (around Rs 2.9 crore) to set up a winery and a bottling plant in Baramati near Pune.
By PTI |
MUMBAI: Announcing UB Group's formal foray into the country's lucrative wine market, liquor barron Vijay Mallya will invest 5 million euros (around Rs 2.9 crore) to set up a winery and a bottling plant in Baramati near Pune.
"I will be setting up a world-class winery in Baramati and it will mark UB's formal entry into the wine segment. We will be investing around 5 million euros for setting up a winery and a bottling plant there," Mallya told reporters here on Friday.
The company is looking forward to develop special varieties of grape in the farm nearby Baramati and plans to teach the farmers special techniques of cultivating these varieties, Mallya said.
UB Group recently acquired Bouvet Ladubay, the wine subsidiary of French-champagne maker Taitinger for a total consideration of 50 million euros.
"I will import the French technology to Baramati and use it for the new winery," Mallya said.
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About the merger of all spirits entities owned by him into one United Spirits, Mallya said the process is on and will be completed by September."I have already received one High Court permission for the merger and we need to get two more and the necessary regulator approvals... hopefully this will be completed by September," Mallya said.
Earlier in the day, United Breweries Holdings Ltd, the investment holding company of Vijay Mallya-controlled UB group, said it will issue bonus shares in the ratio of 1:1.
Last month, UB Holdings had also announced the decision to raise Rs 1,500 crore through borrowings to fund capital expenditure requirements as well as mergers and acquisitions.
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