Economic Times April 29, 2014
MUMBAI: The Anil Ambani-led Reliance Group is all set to pick up a significant minority stake in Nashik Vintners (BSE -4.91 %), the parent of India’s largest winemaker Sula. Ambani is teaming up with Singapore-based wine investor Ravi Vishwanathan to buy existing financial investor Everstone Private Equity’s 30% stake for Rs 200 crore, said multiple sources involved in the ongoing negotiations on condition of anonymity.
Since last year, the company has been looking to rope in new investors and allow Everstone an exit, having mandated investment bank Avendus to launch a formal search. Several strategic and financial investors, including family offices, had participated in the process that ended recently, said one of the people mentioned above. The Ambani-Vishwanathan combine trumped aggressive offers from PremjiInvest and Analjit Singh’s family office, the people said.
Anil Ambani, Singapore-based wine investor to buy 30 pct stake in Sula
