Allied Blenders & Distillers (ABD), an India-based manufacturer of Indian made foreign liquor (IMFL), is close to secure $100m to expand its network and invest in emerging brands in the country.
The funds, which would be ready by the first quarter of 2013-14, will be used to set up a distillery in West India.
Out of the $100m funds, the distillery will raise $50m through private equity and the rest will be accounted for by debt, reported Business Standard.
The distillery has selected financial service provider Ambit Capital, which served as one of the investment bankers for advising United Breweries Group on the $2.1bn stake sale in United Spirits to Diageo, to manage the fund-raising task.
ABD executive vice-chairman and CEO Deepak Roy was quoted by the news website as saying that the fund-raising plans are almost in the closing stages and they are looking at premiumising their offerings.
The distillery aims to produce around 20.5 million cases of spirits by the end of 2013 and increase that number to 24 million cases by the end of 2014.
