International Conveyors Limited (ICL) announced on November 18, 2024, the acquisition of 110,715 equity shares in Globus Spirits Limited for ₹9.13 crore. The acquisition was completed on November 18, 2024, as part of ICL’s investment strategy.
The shares of International Conveyors Limited (ICL) were trading at ₹82.83 up by ₹1.03 or 1.26 per cent on the NSE today at 11.18 am.
The purchase of shares in Globus Spirits, a prominent player in the breweries and distilleries sector, represents ICL’s entry into the spirits industry through investment. Globus Spirits reported a turnover of ₹3,147.23 crore in FY 2023-24, showing consistent growth from ₹2,822.47 crore in FY 2022-23 and ₹2,343.84 crore in FY 2021-22.
The transaction was carried out through cash consideration and did not require any governmental or regulatory approvals. ICL confirmed that the acquisition does not fall under related party transactions, and neither the promoter nor promoter group companies have any interest in Globus Spirits.
Globus Spirits, incorporated in 1993 and formerly known as Globus Agronics Limited, has established itself as a significant player in the Indian spirits industry. The company focuses on creating stakeholder value through high-quality standards in spirits production.