INDIA: CL World Brands quashes reports of JV talks
CL World Brands have quashed reports in India that the company is in talks over a possible joint venture with local firm John Distillers (JDL).
Yorick Fonseca, CL World Brands business development director for the Indian market, told just-drinks today (2 April) that the company has "never" been in negotiations with JDL.
"This story has come out of nowhere," Fonseca said. "We are currently focused mainly on our bottled-in-origin business in India. All options regarding local manufacturing or bottling remain on the table."
Last October, CL shelved plans to form a manufacturing joint venture in India with local spirits group Tilaknagar Distilleries & Industries.
CL, which boasts a spirits stable including Angostura rum and Sobieski vodka has put the plans on hold after undertaking due diligence of the company.
The company has its sights on becoming one of the world's top 10 spirits producers, an ambition it stated when it bought a controlling stake in French vodka producer Belvedere in 2005.
Last year, the company launched a series of spirits brands in India as part of its assault on the top-end bottled-in-origin sector. Brands in the category are mainly sold in India's top hotels, which enjoy a tax break from the Indian government.
CL sells brands including its range of rums, Hine Cognac and Bunnahabhain single malt Scotch whisky, in India.
Those brands are imported and distributed by the company's local partner, Bombay-based SV Distributors.
Acquisitions have transformed CL Financial from the owner of one very famous but small-scale bitters brand into a player on the world spirits stage. Having recently shored up two contrasting acquisiti...
Although a small sector in volume terms, the energy drinks category punches above its weight in the global soft drinks market in value, and has outpaced market growth for many years. While the rate of...
This year's round of reduced harvests across Europe has also hit the Cognac region, with a probable 30% reduction in availability of the ugni blanc grape on which Cognac is based....
Russian Standard has secured permanent listings for its vodka range in Finland....
Blavod Extreme Spirits has announced a temporary suspension of trading in its shares on AIM "with immediate effect"....
Green Mark vodka owner and distributor Russian Alcohol is up for sale, with a number of international companies expressing interest in the US$600m-plus company....
Belvedere has lined up its Polish vodka brand Sobieski for the US market....
Reports from Russia have claimed that the SPI Group has opened talks with other companies to buy the Stolichnaya vodka brand, after the deadline for discussions with Pernod Ricard to buy the brand has...
- Comment - Heineken's 'No' Cuts SABMiller Options
- Irish whiskey eyes a slice of Scotch's global pie
- SABMiller spurned by Heineken: The start of the en
- Guinness: A Great Day for St James's Gate
- Can the New World Learn a Lesson from the Old?
- Patron Spirits' Patron Citrónge Lime
- Wm Grant CMO to head Orangina Scweppes Int'l
- Heineken rejects SABMiller purchase proposal
- Scottish leader speaks out over Scotch whisky
- Diageo's Special Releases 2014