Radico Khaitan to form JV with Diageo
Homegrown liquor company Radico Khaitan on Monday announced a 50:50 joint venture with the world's leading spirits maker Diageo targeting the Indian-Made Foreign Liquor (IMFL) segment.
By PTI |
NEW DELHI: Homegrown liquor company Radico Khaitan on Monday announced a 50:50 joint venture with the world's leading spirits maker Diageo targeting the Indian-Made Foreign Liquor (IMFL) segment.
"The proposed venture will bring together the strengths of the two companies in brand marketing and distribution to create innovative international quality products for the consumer in the IMFL segment," the companies said in a statement here.
However, the two companies said they will continue to operate in their own independent businesses outside of the JV and "will maintain their respective brand portfolios".
Diageo is the world's top spirits company and owns brands like Johnnie Walker-Black Label, Black & White and VAT 69 and premium vodka with its Smirnoff range.
"Radico is privileged to partner with Diageo, which is the blue-chip in the premium alcohol beverages business worldwide," Radico Khaitan Chairman Lalit Khaitan said.
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Diageo India Managing Director Asif Adil said the company was excited at partnering with Radico "to bring new innovative products to delight the Indian consumers in the IMFL market."Brands of Radico Khaitan include 8 PM Whisky, Contessa Rum, Old Admiral Brandy and Whytehall Whisky.
The companies said the agreement is subject to obtaining the requisite regulatory approvals. "The details of the JV will be finalised post the approvals," they said.
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