INDIA: Allied Blenders & Distillers to fund expansion through private equity
Allied Blenders & Distillers (ABD) is looking to raise around US$100m through a private equity tie-up.
The company, which owns India’s top selling whisky, Officer’s Choice, is looking to expand in the country, with details of the fund raising set to be confirmed in the coming weeks. ABD’s executive vice-chairman & CEO, Deepak Roy, was quoted in Business Standard last week as saying that the company’s plans are finally in the closing stages.
When contacted by just-drinks, a spokesperson for ABD said: “An announcement is likely soon and the details of the fund-raising are being worked out with a financial firm.”
A legal dispute over the rights to Officer’s Choice between ABD and United Spirits was settled in October last year, paving the way for ABD’s expansion plans. At the time, Roy said: "“If we can raise INR2bn (US$36.8m) to INR2.5bn through private equity, or from strategic investors, we can mobilise the rest by way of debt and internal accruals."
Owner Kishore Chhabria hold a 95% stake in ABD, with Roy holding the remaining 5%.
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