By Sourish Bhattacharyya
JUST A couple of days back, Sameer Sain, Managing Partner of the Indian
and South-East Asian private equity fund, Everstone
Capital, was quoted by The Times of
India waxing ecstatic about Sula Vineyards Founder-CEO, Rajeev Samant, after exiting Nashik Vintners, the wine brand's
parent company, with Rs 114 crore on an investment of Rs 37 crore made in
August 2007.
"Nashik
Vintners and brand Sula
under Rajeev Samant's leadership has seen unprecedented success over the last
several years," Sain said. Sula's revenue vaulted by more than 500 per
cent over the last few years, even as the company maintained healthy operating
profits. Sain also reminded the newspapers readers that Sula's distribution
footprint now covers over 400 cities spanning across 23 states in the country.
Add Britain's top retailer, Marks & Spencer, to this formidable
footprint and Samant has a good reason to pop open a bubbly. M&S has
decided to sell Sula's three Jewel of Nasik wines -- Sauvignon Blanc, Zinfandel
Rose and Tempranillo Shiraz -- priced at £6.99 a bottle and sporting a colourful
label at 250 stores across the UK. It's a significant milestone for the
company, which straddles 70 per cent of the country's wine market and exports
its products to 25 countries, and for the country, because it gives Indian wine
an enviable international platform that can only lift its reputation across the
world. The UK, incidentally, is Sula's biggest market outside India.
Interestingly, the Marks &
Spencer announcement came days after Samant presented a candid assessment of
the country's wine market, balancing the opportunities with the Himalayan
challenges, at the Eighth International Symposium organised by the Institute of Masters of Wine in
Florence on May 15-18.
And of course, it's raining good news
for Samant, with the Nashik Vintners now being valued at Rs 700 crore, after
the Belgian family office Verlinvest,
Anil Ambani's Reliance Capital and VisVires India Wineries have jointly acquired
Rs 275 crore stake in the company. According to The Times of India, Reliance
Capital and VisVires India Wineries -- the latter owned by Singapore- based Ravi Vishwanatan -- will now hold a 29
per cent stake in the company. Verlinvest, a Belgian family office belonging to
the founders of beer giant Anheuser
Busch InBev, will increase its stake to 23 per cent.
Commenting on the Marks & Spencer
decision, Samant could not hide his excitement. “It is a proud day for us and
for Indian wines and reflects the broader surge in the acceptance of our wines
in this most competitive market," he said in a media statement. "Nasik,
the region that we founded, is on its way to becoming a world-renowned wine
region," he added.
Emma Dawson,
Marks & Spencer’s Wine Buyer, joined the celebrations by stating: "We
are very excited about offering customers our very first Indian wines. We’ve
created these wines to be suitable to drink as an aperitif or in styles that
match well with Indian food." Well, it's time for all Indian wine lovers
to raise a toast to the country's wine leader.
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