Online edition of India's National Newspaper
Friday, Aug 12, 2005
Online edition of India's National Newspaper Friday, Aug 12, 2005 |
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Special Correspondent
BANGALORE: Domestic wine maker Sula is in talks with a private equity group to raise fresh capital in excess of Rs. 10 crore to fund its expansion plans, Chief Executive Officer, Rajeev Samant, said. The Nashik-based company will also be looking at the possibility of an initial public offering (IPO), given the requirements for capital expansion, Mr. Samant told The Hindu. Sula, which recorded revenues of Rs. 20 crore during 2004-05, has just completed construction of its second winery in Nashik and has embarked on building a third winery at an investment of about Rs. 7 crore with a capacity to make eight lakh litres of wine. Once the third winery goes on stream, Sula's capacity will touch 1.8 million litres. The capacity will be further augmented through Sula's agreement with N. D. Wines, the second largest winery in Nashik with a wine acreage of 100 acres.During the current fiscal, Sula is targeting a revenue growth of 35-40 per cent through the sale of one lakh cases (over a million bottles) from 70,000 cases last fiscal.
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