Sula Vineyards to concentrate on vineyards outside Bengaluru
Sula Vineyards Limited, a pioneer in India's wine industry, is not only expanding its horizons but also redefining the standards of wine tourism. By focusing on strategic growth, enhancing its hospitality offerings, and setting ambitious revenue targets, the company is well on its way to becoming a shining example of success in India's burgeoning wine and tourism sector. As Sula Vineyards continues to evolve, it remains a symbol of innovation and excellence in the world of Indian wines.
Rajeev Samant, MD and CEO of Sula Vineyards, revealed that Sula is temporarily pausing its expansion in Nasik. Instead, the company is redirecting its focus toward vineyards outside Bengaluru, a region that has witnessed remarkable growth, he said in an interview with CNBC-TV18, further sharing some insights about the company's evolving strategy.
Notably, Bengaluru experienced a staggering 75 percent surge in visitors compared to the previous year, making it the next target for Sula's expansion plans.
Sula Vineyards Limited, a publicly listed company incorporated on February 26, 2003, in Mumbai, Maharashtra, has been steadily etching its name into India's history as the largest and most acclaimed wine brand. Over the years, Sula has not only revolutionized the Indian wine industry but also set impressive records in wine tourism, offering enthusiasts a delightful taste of their success.
Sula's journey in the wine world is marked by innovation and commitment to quality. It introduced grape varietals such as Chenin blanc, Sauvignon blanc, Riesling, and Zinfandel to India, reshaping the wine landscape. Today, it stands as the torchbearer of the Indian wine industry, with a commitment to excellence that has earned it numerous accolades.
Samant disclosed that Sula Vineyards has been actively expanding its hospitality sector. In the past six months, the company has added approximately 50 percent more hotel rooms to its offerings at Nasik. This expansion comes as weekends are consistently being booked well in advance, indicating a growing demand for the unique Sula Vineyards experience.
In pursuit of its growth ambitions, Sula Vineyards has set an internal target of achieving Rs 100 crore in wine tourism revenue this year. Samant confidently stated, “Our overall revenue this year is going to be in the range of around Rs 600 crore.” This bold target reflects the company's optimism and belief in the potential of India's burgeoning wine tourism sector.
Earlier in August, the company received a Rs 115.90 crore excise duty demand notice from the Maharashtra government.
Samant believes that there has been some amount of miscommunication in the past. Within a day or receiving this order, the company approached the High Court and got a stay against vacating of the earlier stay.
“I do believe in working with government, we can find an amicable solution. The matter will have to be heard within the next three-four months and we are already working towards getting the matter heard and we hope it will be settled in a mutually agreeable, positive way,” he said.
Sula's commitment to its vision of becoming a leader in wine tourism was recently validated when the company set new records during the Independence Day weekend. The revenue generated from wine tourism reached an all-time high during the extended weekend from August 12 to August 14. Over those three days, Sula Vineyards raked in more than Rs 2 crore, a staggering 40 percent increase compared to the previous three-day record of Rs 1.47 crore. Additionally, the company recorded the highest number of individual tastings, surpassing 4,700.
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