New Delhi: Bacardi Martini is looking at acquisitions to consolidate its presence in India.
According to reports, the company is also looking to introduce international brands in the premium category, besides enhancing investments for branding and promotional activities. The company is reported to be looking at possible acquisition of brands that would give it a "distinctive edge" in the white spirits market in India.
In India, Bacardi Martini is a 76:24 per cent joint venture between Bermuda-based Bacardi and Indian Gemini Distillers. The company's Indian arm reportedly accounts for a turnover of around Rs150 crore. According to reports, the company presently sells around 10 lakh cases annually, which it would like to double over the coming three-year period.
The premium white spirits segment is a growing market in India, which the company seeks to tap though the introduction of its products such as Bombay Sapphire gin, and its Grey Goose premium vodka. Investments in brand promotion are also an area that it has identified for significant investment, alongside portfolio expansions and the introduction of premium brands.
According to reports, consumption in India currently totals 227 million cases per annum. Of this, around 114 million cases are accounted for by beer, and 111 million cases by India Made Foreign Liquor IMFL). The consumption of imported spirits tallies around one million cases, with the remaining one million being wine consumption.