IndoBevs to invest US$24M in new malt distillery in Uttar Pradesh to expand premium whisky production 

INDIA – IndoBevs is planning to establish a 40-acre greenfield malt distillery in Muzaffarnagar in India’s Uttar Pradesh, investing approximately Rs 200 crore (US$24 million) over the next two years as the company expands its presence in the premium whisky segment. 

According to Managing Director Sameer Mahandru, the upcoming facility will be designed as a resort-style ecosystem and is expected to support the company’s long-term ambitions in single malt whisky production. 

The project is expected to become commercially operational in about four years, although the actual output will depend on the maturation and ageing cycles required for single malt whisky. 

“Whisky requires significant upfront capital and long maturation cycles. The malt distillery is part of our long-term strategy to build a strong premium whisky portfolio,” Mahandru said. 

The project comes as the Uttar Pradesh Excise Department recently granted licences for three new malt distilleries in the state, including the IndoBevs facility. The approvals are part of a broader initiative by the state government to expand whisky production infrastructure. 

Founded in 2007 as Indospirit, the company initially operated as a distribution partner for global alcoholic beverage producers including Pernod Ricard, Diageo and Bacardi. Through this business, the company developed experience in India’s regulatory environment, state-level distribution systems and retail networks. 

After nearly a decade in distribution, the company shifted to brand ownership and introduced its first proprietary label, BroCode, in 2018. 

Now operating as IndoBevs, the company has built a portfolio of 15 trademarked brands. BroCode accounts for nearly 80% of total turnover, while spirits contribute approximately 15% to 20% of revenue. 

The company currently sells slightly under two million cases annually and is targeting sales of 2.5 million cases by 2027. Its products are distributed across 30 territories in India. 

IndoBevs’ spirits portfolio includes whisky brands such as Enso, Wingman and Glen Eden, the latter positioned as a premium yet accessible Scotch whisky. 

To support production, the company operates several manufacturing facilities, including a five-acre flagship unit in Goa, a facility in Nashik Wine Park and another plant in Karnataka. It also works with more than ten contract manufacturing partners across the country. 

Financially, IndoBevs reported revenue of about Rs 500 crore (US$60 million) in the last fiscal year, net of duties. The company is targeting revenue of Rs 700 crore (US$84 million) next year after recording around 30% growth this year. 

“Net of duties is important in our business because some companies report topline including excise duties, which inflates revenue figures,” Mahandru said. 

Looking ahead, Mahandru said the company aims to reach Rs 1,000 crore in revenue, (US$120 million), within the next three years before evaluating a potential initial public offering. 

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