Globus Spirits collaborates with Tilaknagar Industries for 140 KLPD Distillery; stock climbs ~3%

1 Jul 2022 , 09:25 AM

Globus Spirits Limited announced a strategic, manufacturing, technical, and marketing partnership with the goal of providing an integrated service to operate the plant at the anticipated rated capacity of 140 KLPD distillery asset owned by Tilaknagar Industries.

The plant is located at Shrirampur, Ahmednagar, Maharashtra (Distillery Asset).

GSL will provide a variety of services under this agreement, ranging from engineering to ongoing operations, maintenance, and marketing. This arrangement became effective on June 3, 2022, through a services agreement.

Globus will charge a service fee as a share of EBITDA generated by the distillery asset.

This arrangement provides GSL an opportunity to expand its business by using its strengths in operating distilleries.

At around 9.23 AM, Globus Spirits’ counter was trading 3.24% higher at Rs945.05 against its previous close of Rs915.35 on NSE. It opened at Rs932.10.

On the other hand, Tilaknagar Industries was trading at Rs72.60 up by Rs3.45 or 4.99% from its previous closing of Rs69.15 on the BSE.