Vranken-Pommery and Castel have gained regulatory clearance to launch their JV focusing on rosé wine.

France's regulatory authority granted the JV, which will be called Listel SA, the right to proceed earlier this week. Champagne house Vranken and fellow French wine group Castel announced their intentions late last year.

The two partners will each hold a 50% stake in Listel, which is expected to begin operations by the end of June.

In November, the companies said that Vranken-Pommery will provide Castel "with the supplies needed ... to apply the strategy aimed at conquering international markets. In return, Castel will grant Vranken-Pommery access to its distribution networks, in particular on the high-potential markets of China, Russia and Africa."

Vranken's rosé wine stable posted volume growth of 8% last year, to 34m bottles, and accounts for around 20% of the company's total sales. The company is targeting sales of 40m units by 2017 through the JV.