Piccadily Agro to inject ₹1,000 Crore for capacity expansion

14 Nov 2024 , 09:31 AM

Piccadily Agro announced its plans to infuse about ₹1,000 Crore to build its first global distillery in Portavadie, Scotland. The said funds will be used to expand the capacity of its current distillery and malt facilities in Indri, Haryana; and establish a new plant in Mahasamund, Chhattisgarh. 

Preferential allocation from investors helped the company raise ₹262 Crore in September, and the promoters contributed an extra ₹50 Crore. It stated that internal accruals and debt would be used to tie up the remaining funds. 

As per the company, Phase 1 of the overall expansion at the Indri plant of malt and ethanol is anticipated to be finished in early 2025, with the expansions planned to be completed over the course of the next 24 months. The business is building more storage space at its Indri factory to hold more than one lakh barrels.

At Indri, Piccadily will also open a cutting-edge visitor facility for whisky enthusiasts and tourists who want to learn more about the subtleties of whisky production. According to the corporation, this new project would improve the overall experience of visitors and support its expansion ambitions in the premium spirits sector.

Piccadily is the first Indian alcohol company to establish a worldwide distillery with its multinational initiative on a 58-acre plot of land in Scotland. 

This development coincides with an increase in demand for Indian spirits both domestically and internationally for high-end craft goods. In the second quarter that concluded in September, Piccadily reported a 74.45% increase in EBITDA and a 63.45% increase in revenue year over year.

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