Bhubaneswar: Cupid Breweries and Distilleries has reportedly signed an agreement with United Spirits, a Diageo Group company, for the purchase of an operational alco-beverage manufacturing unit in Odisha’s Gopalpur for Rs 22.50 crore.
As part of the agreement, the company is set to go for the acquisition of land, building, plan
t and machinery, along with premium excise licenses required for production at the facility. The company has paid an advance of Rs one crore, including applicable TDS, reports said.
The existing unit has an installed production capacity of approximately 2.5 lakh cases per month. The new acquisition is set to bolster Cupid Breweries manufacturing capabilities and support its expansion plans in the alco-beverage segment.
The company said the deal marks a significant step in its growth strategy and will provide a strong production base for future expansion once completed
Cupid Breweries & Distilleries Limited, formerly Cupid Trades and Finance Limited, is an Indian alcobev company that is actively transitioning into the manufacturing, brewing, blending, and bottling of alcoholic beverages, including beer, Indian Made Foreign Liquor (IMFL), and craft spirits.
A subsidiary of Diageo Plc, United Spirits is one of the leading beverage alcohol companies in India.