business-india-news

Kyndal Group to set up project in Scotland

New Delhi, Oct 12 : The Kyndal Group will set up new malt distillery and bonded warehouse in Scotland with an estimated investment of 6.7 million pounds (USD 10.7 million), the company's managing director, Siddharth Banerji, said Friday.


The plant will be operational by 2015. It will have the production capacity of 4 million litre.

"We are hopeful to begin the commercial production by 2015, however, initially the volume will be low. By 2020 the project will be running on full capacity," Banerji said at a media briefing here.

Kyndal Group has signed a joint venture agreement with John Fergus and Co Ltd, promoted by Ian Palmer, to set-up the plant. Planning permission for the 7 hectare (17 acres) site was approved in January 2013.

Banerji said the project will focus on exporting to markets in India, Africa and the Far East. It is expected to create 15 new jobs and is likely to generate new exports worth ?33.6m from Scotland over the next three years.

Addressing the media briefing Scotland's Minister for External Affairs and International Development Humza Yousaf, who is on a visit to New Delhi, said the Scottish government will provide all necessary support for the project.

"This project has proved yet again that there are strong and positive economic reasons for setting up business in Scotland. It is also another reason to celebrate our strong relationship with the Indian business community and an example of why we should seek out more collaborations," Yousaf said.

--IANS (Posted on 12-10-2013)

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