French premium liquor giant Remy Cointreau is likely to form a joint venture with Nashik Vintners Pvt. Ltd. for launching India-specific brands. Indian winemaker Nashik Vintners owns winery Sula.
According to a report by India Times, Remy has a three year-old distribution tie-up with Sula for its bottled original brands like Remy Martin and Remy Martin Cointreau. The French liquor firm also has an independent marketing network in India.
Remy Cointreau International's Xavier Desaulles told India Times that an India-specific brand could be launched through the joint venture. The company also expects a bigger tie-up with Sula. Desaulles is Remy's regional managing director for South East Asia, India and Middle East, the report said.
India Times last month reported that the country's largest winemaker Nashik Vintners had kicked off a big stake sale process. The sale aims to facilitate an exit for financial investors, who control a collective 50% stake in the company. Nashik Vintners is valued at about $125 million.
Remy has a global turnover of $1.6 billion. It is the ninth-largest spirits company in the world. Remy posted a profit of $300 million from its global operations last year, the report said.
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