Sazerac is not an uncommon name in the liquor world, and now, the American, family-owned company is making further inroads in India with the finalization of a 20% minority stake in John Distilleries – a leading liquor company in the subcontinent.
According to sources aware of the development, Sazerac has acquired the 20% stake that private equity investor Gaja Capital still held at a valuation of 1,000 crore. Currently, Sazerac has an overall holding of 43% after acquiring a 23% stake in John Distilleries from Gaja Capital in October last year.
While Gaja Capital owner, Gopal Jain, confirmed the development, he declined to provide further details, Sazerac didn’t comment, and John Distilleries didn’t offer a response.
As the situation stands, Paul John, chairman and managing director at John Distilleries, holds the remaining 57% stake.