Anil Dhirubhai Ambani Group and Visvires Capital have combined to buy a major stake in Indian wine producer, Sula Vineyards.

Rajeev Samant, CEO of Sula, confirmed to just-drinks earlier today (12 May) that the two companies have bought a 30% holding for INR2.1bn (US$35.2m). The pair bought out private equity firm Everstone Capital and “a few smaller investors”, Samant said.

The transaction closed earlier this month.

“The Everstone fund had reached the end of their investment horizon in Sula as per the plan when they invested more than five years ago,” said Samant today. “This was something that was planned a while ago.”

The Samant family continues to own around 40% of Sula's shares and continues to be in control.

“We welcome on board our new investors,” Rajeev Samant added. “All of us agree on the vision and strategy for Sula in the coming years, to continue to invest wisely and strongly in the brand and in the market,  and to get more Indians drinking wine. We see this journey as one that has only just begun with many years of strong growth ahead.”

In its last fiscal year, Maharashtra-based Sula sold around 675,000 cases of wine, with targeted volumes of 800,000 cases expected this year. Around 95% of the company's volumes are sold domestically, although export sales are growing faster than sales in India.

Last year, Sula secured a spirits distribution deal in India with Remy Cointreau.