Piccadily Agro, the producer of Indri single malt and Camikara rum, has announced a INR 1,000 crore investment plan to expand its operations.
Piccadilly Agro to set up distillery in Scotland
The company will upgrade its distillery and malt facilities in Indri, Haryana, establish a new plant in Mahasamund, Chhattisgarh, and set up its first global distillery in Portavadie, Scotland.
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According to ET Retail, Siddhartha Sharma, Promoter, Piccadily Agro stated, “We are entering a transformative phase in our growth journey. This expansion is not just about scaling up our operations; it’s about reshaping the future of premium Indian alco-bev spirits on a global stage.” He added, “Our expansion across India and Scotland demonstrates our ambition to redefine the global spirits industry while solidifying India’s position as a producer of high-quality, premium alcohol.”
Notably, the expansion will increase Piccadily’s production capacity to 460 kilo litres per day (KLPD), including 60 KLPD of malt spirits. The company has already raised INR 262 crores through preferential allotment and an additional INR 50 crores from its promoters. The remaining funding will come from internal accruals and debt.
Indri plant expansion expects to be done in 2025
However, the Indri plant expansion, including malt and ethanol production, is expected to be completed by early 2025. The company is also building a state-of-the-art visitor centre for whisky tourists and connoisseurs. In Scotland, Piccadily will establish a 58-acre global distillery, making it the first Indian alcobev company to do so.
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This strategic move positions Piccadily as a prominent player among Indian distillers on the global stage, producing exceptional Scotch-style malts and reinforcing India’s growing influence in the premium whisky industry. The expansion comes as the spirits industry witnesses growing demand for premium craft offerings within India and for Indian spirits globally.
Further, Piccadily reported a 63.45% year-over-year revenue growth and a 74.45% EBITDA growth in the second quarter ended September. The company aims to complete the expansions within the next 24 months, solidifying its position in the premium spirits industry. With this investment, Piccadily Agro is poised to reshape the future of Indian alcobev spirits on a global scale.
