Delhi-based Piccadily Agro Industries, which is into sugar and distillery business, has acquired 89 per cent equity stake in wine maker Nirvana Biosys (P) Ltd for an undisclosed sum, according to a disclosure on BSE.
Founded in 1998, Nirvana Biosys set up a plant of winery at Bawal in Haryana as a joint venture with EC Oxenham & CY Ltd lle, Mauritius, at an investment of Rs 30 crore with an annual capacity of 12 lakh litres. This was the first such winery in the northern India by the company.
In April 2012, Nirvana Biosys signed an agreement with Amit Burman-owned Natures Bounty Wines to market its wines under the brand of 'Luca' in domestic and global market.
The company markets a bunch of wine products, including exotic tropical wines, grape varietals, blended wines and fruit juices for the Indian and international markets. The range includes red, white, sparkling, port, lychee and mango wines.
Piccadily Agro Industries, incorporated in 1994, is promoted by Piccadily Hotels group. The company started commercial production in their ENA unit with effect from April 28, 2009. It had revenues of Rs 330 crore of which two-thirds came from the distillery business. It is selling products in more than 12 states along with various CSD canteens. The deal will expand its product range.
(Edited by Joby Puthuparampil Johnson)