- Friday, April 26, 2024
By: Radhakrishna N S
United Spirits, Diageo’s Indian subsidiarity, has sold its wine wing Four Season Wines in a bid to push its core brand businesses in the country.
According to a statement from United Spirits which stated that it has offloaded the unit and related brands to Grover Zampa Vineyards and Quintela Assets. In a move to monetise its non-core assets, including subsidiaries, the company stressed the divestment of Four Seasons Wines (FSWL).
Diageo India executive director and chief financial officer Sanjeev Churiwala said, “this deal brings us a step closer to the structural rationalisation and simplification of our India business.
“The FSWL wine business is a niche but a small part of the overall Diageo India portfolio and the sale will enable us to focus on our premiumisation strategy and grow our core spirits business in India,” he added.
The latest development comes months after Diageo announced the sale of 19 brands to US company Sazerac for $550m as it targets on growing its premium spirit portfolio. Brands included in the transaction included Seagram’s VO, Goldschlager and Myers’s.
The UK-based company, which owns brands such as Guinness, Baileys and Johnnie Walker, has since revealed plans to create a $130m distilled spirits producing plant in Kentucky, to assist its growth targets in the bourbon and American whiskey categories.
The proposed facility will consist of a distillery, dry house, and warehousing in Lebanon, Marion County, with the capability to distil a variety of American whiskey brands.
