i. Sula Vineyards id India’s largest wine producer and seller as of March 31, 2022. They has been a consistent market leader in the Indian wine industry in terms of sales volume and value.

ii. Sula’s business can be broadly classified under two categories
a. the production of wine, the import of wines and spirits, and the distribution of wines and spirits (the “Wine Business”); and
b. the sale of services from ownership and operation of wine tourism venues, including vineyard resorts and tasting rooms (the “Wine Tourism Business”).

iii. Since the Wine Tourism Business is incidental and complements the overall Wine Business, the Company’s chief operating decision makers (which includes their CEO, CFO, COO and members of the board) monitor and review the operating result of the Group as a single operating segment of manufacture, purchase and sale of alcoholic wines and spirits.

iv. The company distributes wines under a bouquet of popular brands. In addition to the flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” & “Dia” with its flagship brand “Sula” being the “category creator” of wine in India. Currently, they produce 56 different labels of wine at four owned and two leased production facilities located in the Indian states of Maharashtra and Karnataka.

v. India is one of the fastest-growing alcoholic beverage markets in the world, growing from a small base of 1.3 litres per capita of recorded consumption in 2005 to 2.7 liters in 2010

Competitive Strengths

i. High barriers to entry
ii. Established market leader in the Indian wine industry with the leading brand “Sula”
iii. Largest wine producer in India with the widest and most innovative product offering supported by an efficient production mechanism