Integra Essentia aims to make the recently acquired Chateau Indage Winery asset operational in the next two months and plans to infuse fresh capital of Rs 20 crore, managing director Vishesh Gupta said.
Integra Essentia is into the business of steel, renewable energy, textile and agro products.
On February 15, the company announced its foray into wine business with the acquisition of Chateau Indage Winery in Maharashtra.
“We acquired the complete manufacturing plant, land, building, plant and machinery, to put it into use requires 2-3 months, we are already in discussion with professionals and industry experts who are working on a plan to start this unit at the quickest possible time,” Gupta said.
The management also has plans of investing around Rs 20 crore. The fund will be utilised to undertake repair and maintenance work to restart the plant and other working capital-related areas, the MD said, adding the management expects to generate revenue from the business in the later part of this calendar year.
On the outlook for the sector, he said India’s wine market is estimated to be USD 150 million, where imports account for 30 per cent.
The domestic wine market is expected to grow at a compound annual growth rate (CAGR) of 20 to 25 per cent over the next five years.
The company had acquired the assets of the wine unit which includes a land parcel of 58,612 square metres (sqm), buildings covering an area of 16,629 sqm and equipment including 60 lakh litres of stainless steel storage among others, for Rs 40 crore. PTI ABI DRR DRR
