Indage Vintners Ltd has signed an MoU to form a joint venture (JV) company with Cavit, an Italian wine company based in Trentino, Italy. Indage and Cavit will form a business alliance through this joint venture company (JVC).
Ranjit Chougule, Managing Director, Indage Vintners Ltd, says, “This agreement will prove to be mutually beneficial for Indage and Cavit and ensure much wider reach for both, in different markets. The JV will further leverage production and distribution infrastructure in both companies to maximise potential sales and reduce market entry costs in various defined markets.” The JVC has plans to expand its businesses into the viticulture segment to make wines in India. This will assist the new Italian varietals’ expansion in India for Indage’s backward integrated activities.
Financial advisory firms, India-based Palladio Pransa and Italy-based DB Sviluppo, were involved in initiating this JV between the two companies. Cavit is engaged in wine production, sales and distribution in Italy, with annual sales of more than €180 million. |