| Sharad Pawar's family could take up to 49% stake in UB chairman Vijay Mallya's first wine production venture, in Baramati. It is considered to be the biggest new initiative in wine in India so far. Pawar's family already enjoys significant clout in Maharashtra's grape growing belts. Alliance between the two families will add significantly to the clout of the new company and help it achieve the leadership position it is striving for.
Pawars will have a 3-member presence in the 7- member board headed by Mallya.
Sharad Pawar's elder brother Pratap Rao Pawar is already involved with the project and will be on the board. Details of the equity participation and board representation have not been finalised yet. The law does not allow direct participation by any minister or a government employee in any business for profit. Therefore, direct participation by the powerful Sharad Pawar is ruled out.
Abhay Kewadkar, the chief wine maker of UB will be on the board headed by Mallya. Abhay was till recently working with the rival, Grover Vineyards, Bangalore as a wine maker and Vice President. Before joining Grover at the start up stage he had been with Champagne Indage
Four Seasons will have its winery in the middle of a 330-acre vineyard. It will have a five million-litre capacity with an investment of over Rs 700 million (€13 million) when completed. Four Seasons is likely to hit the market with its first premium wines in October this year. An economy range could be launched earlier.
Sharad Pawar, as Union agriculture minister, has been pushing for liberalising the domestic wine industry, which has seen Maharashtra come up with a progressive wine policy benefitting the industry in areas like Nashik and Sangli. One grape variety even bears his name to acknowledge his contribution to the grape growing industry. |
