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Piccadily Agro to invest Rs 1,000 crore to expand facility in Chhattisgarh
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Monday, 18 November, 2024, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Piccadily Agro Industries (PAIL), will invest Rs 1,000 crore to expand existing facility and open new plants to widen its portfolio in the premium segment. The company announced to raise Rs 312 crore to fund its growth plans, looks to expand its distillery and malt facilities at Indri, Haryana, and set up a new facility at Mahasamund, Chhattisgarh.
It will also open its first international distillery at Portavadie, Scotland, to bolster its premium spirits production. In September 2024, it raised Rs 262 crore through preferential allotment from marquee investors, while an additional Rs 50 crore was infused by the company's promoters. The remaining funding will be tied up through a combination of internal accruals and debt.
With this expansion in India, it would increase the overall production capacity to 460 kilo litres per day (KLPD) including 60 KLPD of malt spirits, ensuring it is well-positioned to meet the rising demand for both Indian and international markets. The expansion projects are expected to be completed over the next 24 months.
The first phase at the Indri plant will be completed in early 2025. This expansion is not just about scaling up operations, it's about reshaping the future of premium Indian alco-bev spirits on a global stage.
As part of that it will expand its production capabilities, increasing total capacity to 250 kilo litres per day (KLPD) of its Indri, Haryana-based distillery. Additionally, the company is expanding its warehousing infrastructure to accommodate over 1,00,000 barrels.
As part of this expansion is setting up a greenfield distillery in District Mahasamund in Chhattisgarh, with a production capacity of 210 kilo litres per day (KLPD) comprising ENA/Ethanol production of 180 KLPD and malt production of 30 KL per day. It operates primarily in two strategic business segments: Distillery and Sugar.
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