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Pune, Oct 8 Spirits company Radico Khaitan Ltd is setting up a distillery in Aurangabad, Maharashtra through a tripartite joint venture with NV Distillers and Riddhi Siddhi Pvt Ltd.

Radico owns 36 per cent stake in the new venture while the rest is owned by the two strategic partners.

The new Radico NV Distilleries Maharashtra Ltd, which involves an investment of Rs 160 crore will also have a bottling plant. With an installed capacity to produce 36 million litre per annum of ENA and molasses, it will become operational in a year’s time, and be utilised for the manufacture of ENA, IMFL and ethanol.

In a statement, Dr Lalit Khaitan, Chairman and Managing Director, Radico Khaitan Ltd, said: “Radico will fund the project by debt and internal resources. It is a strategic investment in the interest of our business. We have large facilities for distillation in UP, and a facility in another State balances the geographic spread.”

He added, “Our contract bottling facilities in the South will be able to access spirit from this plant resulting in large savings in freight. We will be close to the sea ports, in case of exports. Again in case molasses have to be imported we will be saving in freight costs.”

More Stories on : New Projects | Breweries | Maharashtra

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