India’s largest wine exporter, Grover Vineyards, expects to raise Rs 15 crore from a 35 per cent stake sale and has mandated Ambit to shortlist potential investors to sell the stake.
“We are in talks with a couple of investors currently to sell 35 per cent stake,” Grover Vineyards’ Vice-President, Abhay Kewadkar, told Business Line.
In 2004-05, Grover sold 6.2 lakh of bottles and expects to sell eight lakh bottles this fiscal. During 2004-05, on net sales of Rs 12 crore, its PBIDT (profit before interest, depreciation and taxes) was around Rs 3 crore and during 2003-04, on net sales of Rs 9.6 crore, its PBIDT was Rs 2.4 crore.
Largest exporter: Grover is the largest exporter of wine in the country and is the third largest wine producer in the domestic market after Indage and Sula Wines. According to an international wine industry magazine, Decanter, Grover’s red wine has been ranked the best wine in the new world, which comprises emerging wine markets.