INDIA: Allied buys majority stake in JV with Clan Morgan
CEO of Allied Domecq Spirits and Wines (India) ltd, Shreekanr Illuri told The Economic Times newspaper in India that its majority stake in Clan Morgan will enable the company to have a control over management as well as operations of the company.
He said that Allied has no plans to distribute brands of any other liquor company in India because of its own huge portfolio. And instead it will be launching brands such as Beefeater, Ballantines and Sauza Tequila.
It has been reported the total investment made by the two partners in the liquor venture is around Rs 35 crore ($7.5m). And in addition Allied has paid Rs 21-22 crore ($4.7m) for its extra 24% stake in Clan Morgan.
With custom duties currently levied at 222.4% for Scotch, competition in the Indian market is not likely to expand for a few years yet. However Illuri also said that in a bid to enhance its market share in Scotch, Allied is to concentrate on its Teachers brand.
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