Mumbai-based Octaga Green Power & Sugar Co Ltd, engaged in distillery products manufacturing, plans to raise $50 million to fund its expansion plans.
"Currently, we have mandated to Delloitte to raise private equity of $20 million in the first round by diluting 22-24 per cent equity stake. We are also looking at raising $30 million by diluting another 25 per cent in the next three-year period. The capex will help in expanding the present capacity of 3 lakh cases a month to 5 lakh cases per month," Octaga Green Power & Sugar Co managing director Basab Paul told PTI here.
The company also plans to set up bottling units at Himachal Pradesh, Tamil Nadu and Rajasthan, Paul said.
Octaga has its bottling plant in Kolhapur, Maharashtra with an annual capacity of three lakh cases of vodka/whiskey/ brandy/rum and has a state of the art distillery with the rated capacity of 40,000 litres per day. Now its prime focus is marketing and brand building on a national and international level.
The company has presence in the states of Maharashtra, Daman, Goa, Chandigarh and Puducherry, and also supplies to Border Security Force, Para Military Force in Madhya Pradesh, Haryana and Jammu & Kashmir.
"We are looking at markets such as Haryana, Delhi, Punjab, West Bengal, Andhra Pradesh, Tamil Nadu, in the months to come," Paul said, adding it is also looking at entering UAE, Africa and Vietnam for exports.