Anil Ambani, Ravi Vishwanathan to buy 30% in Nashik Vintners for Rs200 crore

Anil Ambani-led Reliance Group is teaming up with Singapore-based wine investor Ravi Vishwanathan to buy a minority stake in Nashik Vintners, the holding company of Sula Vineyards, The Economic Times yesterday reported, citing unnamed sources involved in the ongoing negotiations.

Ambani and Vishwanathan will buy a 30-per cent stake for Rs200 crore from private equity firm Everstone Capital, the report said.

Everstone Capital, with $1.7 billion of assets under management, had hired Avendus Capital  in May last year to look for potential investors.  

The Ambani-Vishwanathan team outbid offers from PremjiInvest, the investment company floated by Azim Premji, chairman of Wipro, and Analjit Singh - founder and chairman of Max Healthcare, the report added.

Other stakeholders in Nashik Vintners are Sula founder Rajeev Samant and his family with 45-per cent stake, and Belgian investment holding company Verlinvest SA with 25 per cent.

Sula, which was founded by Samant in 1999, sells over 500,000 cases of wines in India and holds a dominating 50 per cent share of premium wines.