Allied Blenders Completes Acquisition Of 80% Stake In JV With Ranveer Singh
Ranveer Singh will take charge as the creative and business partner of ABD Maestro, Allied Blenders said in a filing.
Allied Blenders and Distillers Ltd. has completed the acquisition of an 80% majority stake in ABD Maestro Pvt., a new entity formed in collaboration with actor Ranveer Singh, according to an exchange filing on Friday.
The third largest spirit company has appointed Bikram Basu as the managing director of ABD Maestro while Ranveer Singh will take charge as the creative and business partner of the subsidiary, according to an exchange filing.
Basu has a decade long experience at Allied Blenders and Distillers and also held key marketing and strategy roles at Pernod Ricard and United Spirits.
"Maestro will be a consumer first business," Basu said. "Every brand and experience we build will have enthusiasts at the centre."
"Ranveer as a creative partner is unique, involved, and fun. We have seen this right from ideation. This will be an interesting journey, and I hope to work with some exceptional teams and colleagues to achieve and enjoy success together,” he added.
“The spirits industry is ripe for disruption, and that's exactly what we are here to do," said Ranveer Singh, creative and business partner at ABD Maestro.
"With ABD Maestro, we are not just creating premium drinks – we are bottling imagination, adventure, and the essence of contemporary India. Every bottle will narrate a story, every sip an experience," he added.
ABD Maestro's portfolio will have a combination of owned, licensed and distributed brands, allowing the business to achieve multilayered objectives, the press release said.
Shares of Allied Blenders on Friday closed 1.9% lower at Rs 311.75 apiece on the National Stock Exchange, compared to a 1.86% fall in the benchmark Nifty 50. The stock has fallen by 1.93% in the last 12 months.
