New Delhi, Dec 9 (PTI) Liquor firm Alcobrew Distilleries is eyeing a turnover of Rs 1,000 crore by fiscal 2021 as it expands its distribution reach in India and overseas as well as product offerings, a top company official said.Also Read - Beyond Rishikesh, Top Places in India Which Are Heaven For Yoga Lovers

The company also plans to invest about Rs 100 crore in the next two-three years to establish a malt distillation and saturation plant and towards marketing of the brand. Also Read - Himachal Pradesh Imposes Further Restrictions; Govt Offices to Run With 50% Staff. Full Guidelines Here

“We are looking at closing the current financial year with Rs 500 crore turnover and are looking at doubling it to Rs 1,000 crore at the end of 2020-21. We will achieve this growth as we deepen footprint in India, explore new markets overseas and also introduce new products and premium variants of existing brands,” Alcobrew Distilleries Chairman and MD Romesh Pandita told PTI. Also Read - Himachal: NIT Hamirpur Declared 'Mini Containment Zone' After 81 Students Test COVID Positive

Pandita said the company, which reported a net turnover of Rs 350 crore in the previous fiscal, is looking at getting into rum and brandy products as well. At present, it only sells whiskey.

The company plans to fund its investment plans through a combination of bank debt and company reserves.

Alcobrew Distilleries, which has brands like ‘Golfer’s Shot’ in premium whisky range and ‘White & Blue’ in the semi-premium range, said it has also received a letter of intent from the government of Himachal Pradesh to establish a malt distillation and saturation plant.

The company currently has a presence in 22 states in India and also sells its products in six countries overseas in the Middle East and Africa.

This is published unedited from the PTI feed.