T. Y. B.M.S.

YEAR 2005-2006




I, Dr. A. A. Rashid, hereby certify that Mr. Shreyas Shetty of Tolani College of Commerce, T.Y. B.M.S. (Semester V) has completed his project titled INDIAN WINE INDUSTRY in the academic year 2005-2006. The information submitted herein is true and original to the best of my knowledge.

Dr. A. A. Rashid (Project Guide)

Dr. Sheela Purohit (Principal)


I, Shreyas Shetty, of Tolani College of Commerce, T.Y. B.M.S. (Semester V) hereby declare that I have completed my project titled INDIAN WINE INDUSTRY in the academic year 2005-2006. The information submitted herein is true and original to the best of my knowledge.

Place: MUMBAI Date:

Shreyas Shetty

helped and suggested me to accomplish the project work. I extend my thanks to Mr. Dinesh Chavla. guidance. A. Chateau Indage. of many persons who are either directly or indirectly involved in the completion of it.ACKNOWLEDGEMENT At the outset I take the privilege to convey my gratitude to those who have co-operated. Andheri for the valuable advice. . Rashid Tolani College of Commerce. Dr. A. precious time and support that she offered. for giving me an opportunity to do this project in the company. supported. This project work bear’s imprint. I am also desirous of placing on record profound indebt ness to my guide Prof.

OBJECTIVES 1. To make a comparative analysis of wine industry in Maharashtra. To determine performance of Indian wine globally. . 3. 2. To analyze market Baron – Champagne Indage ltd. To analyze wine industry globally and determine worlds major market. To make comparative analysis of Indian wine industry in context of past and present records. 4. 5.

3. 4. Topics SECTION 1 1. Indian wine industry 24 – 31 SECTION 4 1. 2. 2. Case study – Champagne Indage Ltd. Wine globally Indian wine globally 12 – 22 23 SECTION 3 1.Table of Contents Sr. Executive Summary Introduction A decade ago… India today 1-2 3–6 7 – 10 11 Page No. Wine industry in Maharashtra – An analysis 32 – 42 SECTION 5 1. 2. SECTION 2 1. Conclusion 43 – 53 54 – 55 . No.

Executive summary

“With chicken tikka masala Britain's favourite dish India is offering a fresh challenge to the nation's palate: wine.” Wine has been made in India for many thousands of years, some say for 5,000. Today India has 123,000 acres of vineyards, but only one per cent of them are used for wine.

Today there are eight thousand Indian restaurants in Britain representing 33 per cent of the dining market in spending power, which represents some Stg two milliard per annum. (Two billion in American usage).

Restaurants of every other nation offer wines from their own country. The only exception up to now has been India whose restaurants offered their excellent beer and wine from many other countries. Omar Khayam, a methode champagnoise wine has been on the British market for ten years. Now it is possible to find both a red and a white table wine in some shops and restaurants.


Some people say that wine does not go with curry. Well those of the British Raj used to drink a choata peg (coktail) or two before dinner, Madeira with the curry followed by claret then back on to the choata peg or Scottish wine. The very thought gives me a hangover.

Although Madeira does go with curry one gets legless unless one paces oneself with lots of water. Otherwise you cannot enjoy the food. Now we can all enjoy a few glasses of jolly good Indian wine without spoiling either our reputations or the delicious food.

With thousands of years experience of drinking wine with curry surely they, the Indians must know which is better beer or wine. Beer as we know it did not reach the sub Continent until the early to mid 19th century when brewers made I.P.A. Indian Pale Ale which was specially high in alcohol and well hopped in order to stand the voyage from Britain. Before this period rice beer was made in some areas.

Portuguese settlers improved the wine they found in the 16th century when they came to Goa. This helped to keep up interest and continuity in the wine industry which today is growing up into the 21st century from the quantum leap of its rebirth in 1985. The Portuguese also introduced Vindaloo to India. The sailors kept their meat in barrels of wine laced with garlic to which they added the spices they found in India. The word was originally Vin d'Ail.

Try drinking cool light red wine with meat curries, it is surprisingly refreshing and works well.


"There is no reason why wine should not be drunk with the food served in India (nor with its often slightly paler imitations in "Indian" restaurants outside the subcontinent). The wine should ideally be quite fruity and assertive. A subtle old claret is most definitely not the thing; a California Zinfandel or Australian Shiraz, or even a well-made sparkling wine, would be much more so." - Jancis Robinson, (the definitive voice on wine).

Wine has been made in India for as many as 5,000 years. It was the early European travellers to the courts of the Mughal emperors Akbar, Jehangir and Shah Jehan in the sixteenth and seventeenth centuries who reported tasting wines from the royal vineyards. Red wines were made from the arkesham grape and white wine from arkawati and bhokry grapes.

India has now 123,000 acres of vineyards, but only one per cent of this acreage is used for wine. However, that does not mean the wine market in the country isn't maturing. Today the overall sales are around 400,000 cases a year. Table wines account for 85 percent of the market and expensive varieties of vintage wines account for the remaining 15 per cent.

The flip side of the industry is that of the 400,000 cases sold every year, only 30,000 cases of sparkling wine and champagne are consumed in India. In contrast the figures of other drinks are: 37 million cases of whisky, 11 million cases of brandy and nine million cases of rum. Industry officials believe that the market will grow rapidly once the government drops import duties on bulk (currently at 108 per cent) and on bottled wines (currently 264-420 per cent).

One of the other reasons why wine drinking has not caught on is that quality wines are priced relatively high. Since the volumes are low, production costs are high, as are taxes.


" In fact. “The truth is most Indians prefer beer. "It is a myth. and that is where the problem arises. . refutes that. “Traditionally wine lovers around the world have some kind of a mental block against Indian wines. Though Shaw Wallace's Golconda has a 25 per cent market share. in fact. the largest producer of wine in Chile for importing wine. “Western wine drinkers are some of the most imaginative aficionados in the world. Give me some. First. they won't say: "What a weird idea. They are just not comfortable with the Made in India tag. F & B Manager of Delhi's Hyatt Regency hotel. I think when they see Made in India. Growth rates. have touched 25 percent per annum in the last few years. has an agreement with Concha Y Toro. Omar Khayam." says Thomas Abraham. a diversified Indian public company with interests in viticulture . whiskey or rum over wine and champagne. says Aman Dhal." However. he claims." They'll say: "Fantastic! I haven't tried it. says that wine imports --both bulk and bottled --have gathered momentum in the last three years.Thus the real challenge for winemakers in India is to develop a domestic market. “Volumes are driven mainly by Indian wines that are priced below Rs 150 per bottle. one of India's leading wine importers and distributors. Bosca Reisling and Red & Rose.." he adds McDowell's. one of the presenters of the BBC's Food and Drink programme." In exports. Oz Clarke. That's why the per capita consumption of wine in India is very low. the leader is Chateau Indage. one of Chateau Indage's most popular wine. Indian winemakers face a peculiar problem. people believe wine and curry do not go well. is in the British market for a decade now! A spokesman of spirit major McDowell that also distributes imported wine in the Indian market.4. The company is represented in the Indian market by two premium brands.

"The Grover range produced from high-altitude vineyards north of Bangalore. uses French grapes Vitis Vinifera in its vineyards in Bangalore. The company manufactures 12 types of wine and owns vineyards spread over 600 acres south-west of Mumbai. Michel Rolland and Georges Vesselle. Maha-.000 every year." Fifteen years ago. French varieties of grapes. on the other hand. is extremely respectable.. Grover Vineyards is jointly owned by Kanwal Grover and Veuve Cliquot. produces a wide range of high-quality wines under the watchful eye of Californian winemaker John Locke. for the first time.000 feet above sea level and produce two crops a year.5. It exports wine worth $435. The company. Omar Khayyam is a top-quality chardonnay-based sparkling wine. Kanwal Grover is advised by two top French winemakers. suitable for wine production in India. with help from the ubiquitous Michel Rolland of Pomerol. Grover Vineyards. 40 km north of Bangalore at the foot of the Nandi hills. particularly the Reserve red. The reds. are a distinct notch above the slightly dull Clairettebased white. CI Limited produces a variety of exquisite still and sparkling wines. that compares favorably with champagne. In the Indian market Indage holds 75 % share of the premium still wine category and virtual monopoly in Sparkling wines. well-balanced white blend of chardonnay and ugni blanc and a soft fresh red made from pinot noir. together with Mr. with the technical collaboration of Champagne's Piper Heidsieck. in Dodballapur. The Chantilly label wines--a white (chardonnay) and a red (cabernet sauvignon)--are aged in French oak and show their varietal characteristics. George Vesselle accepted the immense challenge of growing. the Grovers took on the task of reviving wine drinking in India. Chateau Indage. Chateau Indage's Riviera label includes a fruity. pioneered by Sham Chougule was established in 1984. made by the methode traditionelle.ra-shtra.and wine distribution. . Pioneer of French-style wines in India. The vineyards are planted at 2. The ultra-modern winery in Narayangaon. Still white and red wines from .

the chairman of Chateau Indage puts it succinctly." . the advise would be not to write off the local offerings. For those who curl up their nose at Indian wines. The day it becomes one litre. The white is medium-dry and fairly bland. Sham Chougule. . “It’s about half a teaspoon per head. the red is cabernet-style with good depth of fruit. The consumption is increasing though ever too small.Bangalore purple.6. cabernet. shiraz and Thompson seedless grapes are made under the supervision of winemaker Bruno Yvon. the market will be one billion litres..

Example Pre-Alexander Shaivite cult practices – in this sense analogous to Greek Bacchic rites – involved the use of wine as an intoxicant. was associated with Indra and poured as a libation and drunk at religious festivals. Kautilya’s Arthashastra.A decade ago… Wine has a history in India. the ancient gods’ intoxicant.7. The Persians had a famous wine. There were certainly some references and uses of wine before Alexander brought vines with him to northern India.” though it is not clear that wine proper is meant. which dates from somewhere between 321-150BC (that is.. but it has never taken centre stage as it did at times in Europe. Interestingly. and in this respect. Shiraz. Artefacts from Harappan civilisation indicate indigenous familiarity with wine. Homer’s epics – the first great literature of western civilization – repeatedly employ the phrase. . had anything to do with wine. But in India. “over the wine-dark sea”…). wine tended to be brought into the culture by the various waves of conquerors and sojourners. . the Mauryas strictly regulated the production and distribution of alcoholic beverages. I do not believe. which was often sent to the Moguls. the current outrageously over-regulated Indian laws have a native predecessor. as some try to argue. and later to the British. Moving to the Vedic period. which was in the making during Alexander’s conquests in north-western India). Wine is thoroughly wrapped up within western culture from its very beginnings (to take a minor example. discusses “alcoholic beverages made from fruit. One of the names for wine in ancient India was Drakshasava. during the Mauryan Empire. it is claimed that wine was known as Somarasa. that soma.

Thus. Kashmir happens to fall right into the longitude (30º – 50º) where the world’s best wines originate. and also in Kashmir. Wine was always expensive in India. in spite of the fact that viticulture was hardly known in India. Example Bordeaux Lafite or La Rose was matched with Bombay Duck. the breakfast given all the employees at the Surat factory consisted of little else but “burnt wine. Today this pairing would be contraindicated. And the wine the British drank was not just any import. In fact. . a Phylloxera epidemic destroyed all the vines in India. wine began becoming more and more familiar throughout India.” that is.From the moment the British set up the Surat factory (1612). Some of the domestics were drinkable. If the Kashmir problem is ever solved. shows that in a . from the British landing in Surat in 1608 to today. Due to the cost of shipping wine to India. but often some of the best. just as it had done in Europe as well. it is difficult to agree now with their judgments. Francis. in Surat. Whereas Europe replanted with resistant (American) rootstocks grafted on to superior European vines India did not. although since the taste of wine has changed so much in the last century. wine that was scalded by dropping a red hot brick of gold into it. and Chile. including California and Europe in the Northern Hemisphere. dated 1774. Indeed. As the production was really picking up. the British planted vineyards.8. the vast majority of the wine drunk in India has been imported. The record book of a certain Mr. so today is no different from any earlier time. They developed the art of pairing Indian food and wine. the wine problem in India will also be solved. because of the problems with water purity. the Brits drank an enormous amount of wine while in India – far more than they ever would have drunk when at home. South Africa and Australia in the Southern Hemisphere..

sugar. one of which is still common today in British taverns.. and Persian shiraz was substituted by Madeira – the only wine thought to improve. water. lime juice. rather than deteriorate.). . limejuice. derives from the Sanskrit-based Hindi word for ‘five. wine was pre-eminently the drink of choice. and the idea spread to Calcutta and Madras. 74 bottles of porter (a stout beer). punch became the rage in both India and abroad during the 17th century. Indeed.single month his household consumed 75 bottles of Madeira. port. After the end of the punch fad by the 1750s. . 99 bottles of claret (red Bordeaux). Persian shiraz was regularly supplied to India. This ended with political conflicts in Persia in the 18th century. 16 bottles of rum. a mixture of brandy. Those who could not afford it had arrack and other indigenous spirits. but anyone of means had steady supplies of both domestic and imported wines ready at table. called East India Punch. sugar. etc. 3 bottles of brandy and 1 bottle of cherry brandy! To give a brief summary of changing drinking patterns during the British Raj. punch was the substitute. and spices (including clove. and other aromatics like rose water). of course. fizzy punch includes sparkling wine. The word punch. one could basically say that from the 1600s to about 1820. though the fad lasted another half-century in Britain itself. The Portuguese at Goa were crazy about it. even establishing several punch houses in Goa.’ panch: punch was an Indian concoction over 2000 years old consisting of five ingredients: arrack (or another spirit like toddy. and spices. This went out of fashion in India from around the 1750s.9. When supply of imported wines was interrupted and/or domestic production was not of decent enough quality to drink unadulterated. in the torrid Indian climate. the more festive. The Europeans in India developed dozens of popular punches.

With the invention of Indian pale ale. and even today in India. far more widely consumed than wine. .. with soda becoming widely accessible. cocktails. in the 1920s to 1930s. when the Schweppes Company began marketing its anti-malaria tonic. whisky became a strong contender. whisky soda. rum and brandy are far. Additionally. beer began to overtake wine consumption in India in the 1820s. Finally. gin began to gain currency as the best means for making tonic palatable. .10. around the 1860s. and then from around 1840-1870. brandy began to be recognised as the drink of choice. cocktails became a fad worldwide. At the same time.

Enterprising table grape farmers have shifted to growing wine grape varieties. The government of Maharashtra has issued over 70 licenses in the last couple of years for setting up new wineries. the state’s revenue department has introduced a zero excise duty regime with 4% sales tax on locally produced wines. as farmers see ever more advantages to switching to wine grape growing. . Further. 20 % Vineyards are multiplying in Maharashtra..11. The best cannot keep pace with demand. other states will follow Maharashtra lead. it is expected that wine consumption in India will grow tenfold to reach an average consumption of about 60 million bottles in the next 7-10 years. Indeed. and hopefully. . Nashik is the current centre of the boom. wine consumption in India is currently increasing at a rate of over 20% per year and certain domestic wineries yearly sell out their entire stock. with generous subsidies from the state government encouraging the move. This is the most progressive action yet taken on the Indian wine scene.India today Nevertheless.

the conditions in which the wine grapes are raised and the processes used to make the wine can create a superior wine and therefore a competitive advantage. . One of the earliest written records of the consumption of wine is recorded in the Bible and the impact of wine on Mediterranean cultures became more pronounced over the years as the geopolitical situation stabilized in the region under the Roman Empire.12. Also.500-4. Roman Imperialism helped to spread the production of wine across most of the countries in the Empire.000 B. which included most of North Africa and Southern ..). Some countries have longer historical and cultural ties with wine then others and that can affect the quality and perception of the product in the eyes of the consumer.Wine globally Introduction The dynamics of the global wine industry are better understood through a brief history of wine as well as an overview of the wine making process. Penn.C. when cultures first started to develop permanent communities. Wine has been a part of Western history since the Neolithic Period (8. 2000). and stopped being nomadic hunter-gatherers (U.

The close tie between wine and the Christian faith aided to the spread of wine production and wine consumption across Europe in the ages after the fall of the Roman Empire and eventually throughout the world with the European Imperialism of the 15th . wine became ingrained in the Christian faith and is still used in Christian mass today.195 6..390 800 539 334 286 215 195 144 132 110 106 1. 2000). The wine producing and consuming countries listed in both Tables 1 and 2 are dominated by Western countries or ex-colonies.430 1.343 1. .414 876 580 356 224 232 162 120 176 118 106 1. (In millions of gallons) Country Italy France Spain US Argentina Germany South Africa Australia Chile Romania Hungary Yugoslavia Rest of World World Total 1996 1. with most of them being historically Catholic.Europe (Britannica.13.19th centuries.831 Table 1 World Wine Production .506 818 498 334 228 230 177 100 202 110 92 1.902 1998 1.551 1.296 7.142 1997 1. During that same era.150 6.

4% 11..14. and therefore a specific style of wine.2% 1. were better prepared to produce a specific type of grape.0% 3.0% 2.8% 20.1% 1. Wine Consumption.0% 1 2 3 4 10 5 8 6 7 Country* Italy France Spain United States Argentina Germany Australia Chile Portugal Others Total There has never been a universally accepted system for naming styles of wine. Share of World Wine Market and Share of Export Market 2004 % Share % Share % Share of % Share of World Export of of Export Market Rank Production Consumption World Market Market 21.9% 6.0% 20.5% 22.3% 25.4% 100.6% 3.9% 4.Table 2 % Share of the World Wine Production.3% 2.3% 15.0% 14.3% 10.1% 8.6% 100.6% 4.2% 2. Appellation is a French term used to describe the region or specific area in which a wine is produced.5% 3.6% 1.1% 2.2% 34.9% 4.3% 6. In France when the Appellation naming convention was created.4% 14.1% 15. it was accepted that certain geographic locations.5% 1.7% 9.0% 25.0% 2.0% 20.7% 7.9% 2.6% 100. .5% 100. Currently there are two prominent systems for naming wine Varietal Appellation.4% 4.6% 8. .7% 3.4% 23.4% 6. due to "terroir" the land where the grapes are grown.

Sonoma County (USA). Burgundy (FR) 3. industry marketing tool to segment the market and is not specific to a geographic location. Petite Shiraz. .Example That is why Champagne (wine with a degree of carbonation) comes from the Champagne region in France. Some Appellations that have been created around the world include: 1. Some common Varietals today are.15. Pino-Noir. Shiraz. Maipo (CHL) 7. Varietal is a descriptive naming convention based on the type of grape used to produce a wine. Burgundy. Chablis (FR) 4. the amount of rain that the area receives annually and the characteristics of the soil. Zinfandel and Cabernet Sauvignon. Terroir is a determining factor in the quality of the wine. Tuscany (ITY) 6.S. Mendoza (ARG) 8. It is not who makes it. The combinations of attributes that are needed to create a high quality . or how they make it. Merlot. Varietal is predominately used as U. Riesling. White Zinfandel. New South Wales (AUS) 9. the amount of light that the grape vines are exposed to. east of Paris. A vineyard that has all of these natural benefits still must have considerable agricultural work done to keep the vineyards healthy and free of insects and/or molds that damage the vines ability to produce quality grapes. Bourdeaux (FR) 2. It is the environmental factors that determine the flavors and sugar content in the grape. but the quality of the grape that is used. Napa Valley (USA) 10. These factors are based on the temperature in the region. Champagne (FR) 5.. Chardonnay.

The amount of good "terroir" is limited.. . and therefore the ability to produce fine wines is limited .16.grape are not very common throughout the world.

the local wineries joined together with government officials to develop a plan that would keep the government from doing this. Since Australia has a very limited domestic market.17. Chile and Argentina. The New World (except the USA) and the Old World Producers industries are described in the following section. Australia.. The largest of the Old World producers are France and Italy. Australia Grape vines in Australia were first introduced in 1788 by English immigrants. At the same time that the Australian wine industry was starting to show strong growth. New World Producers 2. the wineries realized that if the industry was to continue to grow it would have to do so in the international market. The wine "industry" was born in the 1860's when European immigrants added the skilled workforce necessary to develop the commercial infrastructure. 1. The larger New World Producers include the USA. and the result was the formulation of "Strategy 2025" Strategy 2025" is a business strategy that outlines how Australian wines will expand domestically and internationally. the government was considering legislation that would severely tax wine in an attempt to gain revenue. Old World Producers. To protect the industry.Wine producing countries In the global wine industry there are two broad categories for the classification of wine producing countries. They were even . . Their vision is that by the year 2025 the Australian wine industry will achieve $4.5 billion in annual sales by being the world's most influential and profitable supplier of branded wines and by pioneering wine as a universal first choice lifestyle beverage.

390 million gallons in 2004. France France has been a long time world leader in the production of wine due to historical and cultural factors..K. France was the number 2 producer of wine in the world with output of 1. Chile is the 9th largest producer of wine in the world with output of 100 million gallons in 1996 and 210 million gallons 2004. Despite being only the 9th largest producer. U.bold enough to name the specific markets that they would target. Champagne and Rhone. the wine industry was not able to develop and take on a global perspective until 1979 when Chile began to focus on the exporting of natural resources to strengthen its economy...S. Due to political and economic instability.18. the method used to produce and store the wine as well as the minimum alcohol content of the wine. Burgundy.5% of the total export market and was ranked 6th in the world for 2004. and the dominant position that France has in the export market reflects this. The top four markets targeted were the U. Over the years the cultivation slowly grew until the late 19th century when wine began to be produced on a large scale. The AOC regulates the area of the production. . There are many regions in which quality grapes can be grown in France. Chilean wines are higher in quality then Argentina. Chile The first vines were introduced to Chile in the 16th century by a Spanish priest. . The high Andean climate is very good for the production of high quality red wines. In terms of volume.506 million gallons in 1996 and 1. Germany and Japan. Some of the appellations that are better known in France are Bordeaux. The French developed the Vins d'appellation d'origine controlee (AOC) system centuries ago to help ensure that the quality of wine produced stays high. Chile had 3.

19. Italy was the largest producer of wine in the world with output of 1. The two main organizations responsible for the control of the quality in Italian wine are the Denominazione di Origine Controllata and the Denominazione di Origine Controllata e Garantita. . also has a very old and established wine industry that relies on the appellation method to control the quality of their wines.551 million gallons in 1996 and 1. .430 million gallons in 2004.Italy Italy. like France.. The second appellation control system was developed in recent years to help raise the quality of the wines produced.

05 37.93 39.000 62.92 48.69 29.522 4.88 In Australia social behavior has driven the growth of the domestic market. These trends include a shift toward a Mediterranean style diet.547.55 54.13 7.82 2003 69.636.160 58. They were ranked #18 in the world for consumption According to Strategy 2025.97 36.02 33.69 2004 70.89 59.222.000 7.404.084.09 54..742 39.45 40.36 61.984 34. . recreational activities and general entertainment As these trends have been increasing.07 35.26 49.36 38.07 61.000 58.20.93 39. there are many countries and regions that do not have the capability to produce quality wines in large volumes. This section will provide an overview of wine markets around the world and will reference the per capita consumption rates of select countries listed in Table 3.971 2.74 47.348 3. .57 7.292.96 51.Major world markets Although several of the major wines producing countries are also major markets.91 41.79 37.051.61 54. the rise in the awareness of the health benefits of wine. so has Australia's per capita consumption.562. but have high demand for the product.09 52.34 40.388 7.716 267.52 38. Table 3 Per Capita Consumption of Wine in Selected Countries 2000 2004 (In liters) Rank 1 2 3 4 5 6 7 8 9 10 33 Country Luxembourg France Italy Slovenia Croatia Portugal Switzerland Argentina Spain Uruguay United States Population* 2002 388.66 47.88 59.74 47.

. Japan and Asia. unlike France. 6% of the brands sold in Australia accounted for more then 75% of sales. The British import market was second only to the German market in 1998. France and Italy were the number 2 and 3 countries in the world for per capita consumption Both countries have a long history of wine production and consumption. Argentina was ranked #8 for per capita consumption in the world. In 1998 Canada was ranked 30 in the world for per capita consumption with an increasing trend. with 39. In 1996 when Strategy 2025 was written.21. These markets include the United Kingdom.K.52 liters per person being consumed in 2004. Canada. The situation is very similar in Canada. yet have markets that must be sustained through importing. except that there are more governmental constraints to competition in Canada.this low market penetration by imported wine is attributed to the high quality and low price of the domestic brands. . and the U. Consumption in Argentina is showing a very slow growth trend. There are other countries and regions around the world that do not have the capability to produce large quantities of high quality wine. yet despite this the consumption rate in France is relatively stagnant while Italy is showing a decrease. has a very small domestic wine industry and also has good relationships with many of the wine producing countries in the world. has a very small market for imported wines. The United Kingdom's wine market is considered to be the "crucible" for the global wine market The U. That coupled with the long history of wine consumption the British have due to their historical association with the French and the Germans results in an open and competitive market. not because of government intervention to protect the market. was ranked 23 for per capita consumption in the same year with a trend of increasing consumption.K.. Italy.

no Asia country has a high per capita consumption when compared to Western countries.Although Japan has seen a steady increase in the size of its imported wine market. Asia does present a great opportunity for wine producers around the world because it is a very large market that has yet to be tapped.22. In fact. they do not rank in the top 33 countries in the world for per capita consumption. This has to do with the lack of traditional and cultural trends that drive the consumption patterns in more established wine drinking countries. . . China alone has 1.4 billion potential consumers..

Though they get most of their technology and advice from Europe. ." Challenges The other challenge for winemakers in India is to develop a domestic market as most Indians prefer beer.those kind of countries are desperate for new experiences. Indian winemakers are now promoting themselves in a big way to catch the attention of the rest of the world. Ireland. “western wine drinkers are some of the most imaginative wine drinkers in the world.Indian wine globally Introduction The Indian wine industry may still be in its infancy.23. and rum and sometimes even home-brewed spirits over champagne and wine. but also Scotland.” He says. Sweden. Oz Clarke. says that.. Norway . “England in particular. . whiskey. but it is hoping to challenge the supremacy of winemaking countries in an effort to gain a foothold in the international wine market. one of the presenters of the BBC's Food and Drink programme.

60 mn The consumption of wine in India recorded a 14 per cent growth in 2003-2004 to reach 4. some say for 5. Today India has 123.3 million).000 litre cases in the previous year. . . indicating changing trends and growth of the industry. the study conducted by EXIM Bank says. It is expected that wine consumption in India will grow ten-fold to reach about five million cases in ten years. Bangalore.90.. 2.60 billion (US$59. Chandigarh and Hyderabad. is all set to grow ten-fold in a decade as wine culture is fast catching up with the emergence of exclusive wine clubs in various cities. but only one per cent of them are used for wine The Indian wine industry.000 litre cases as against 4. wine clubs have come up in Delhi.000. estimated at Rs 2. Goa (8 per cent) and Bangalore (6 per cent). the study said adding.24.000 acres of vineyards.Indian Wine Industry Introduction Wine has been made in India for many thousands of years.30. Mumbai accounts for approximately 40 per cent of India's wine sales followed by Delhi (15 per cent).

3%.36mn liters per annum. Alcohol consumption in India (% share) . Low awareness and high pricing compared to the other two categories makes wine a low market share category. Consumption of beer is the highest with a 52.14%. with total consumption of 1. ..6% market share followed by distilled spirits at 47.25.Market analysis Alcohol consumption The share of wine in the total alcoholic beverages market in India is a mere 0.

000 labels from various manufacturers on offer. The percentage of imported wine to total wine consumption in the country has gradually decreased from 56% in FY00 to 39% in FY04. . Most of the importers of wine are five star hotels.Wine consumption in India From a total consumption of 1.26. Wine consumption in India (mn liters) 100% 80% 60% 40% 20% 0% FY00 FY01 Domestic(%) FY02 Imported(%) FY03 44 51 56 61 56 49 44 39 .36mn liters in FY00. French wine is the most imported wine in the country. embassies and other such institutions. the Indian wine industry has grown to 2mn liters in FY04.. The imported wine segment is fragmented with over 1.

. White wine stands second with a market share of 40%. .27. followed by sparkling wine (13%) and rose wine (2%). Classification based on type of wine 13% 2% 45% 40% Red Wine White Wine Sparkling Wine Rose Wine . red wine has the largest market share (45% of total wine consumed).Basic wines and their consumption As per classification based on the type of wine consumed.

Delhi..28. Geographical classification 8% 15% 6% 31% 40% Mumbai Delhi Goa Banglore Rest of India . 4 cities namely Mumbai.Geographical classification Consumption of wine is unevenly spread across the country. Lack of availability has limited the expansion to other parts of the country. . Although wine is sold in around 20 cities in India. Goa and Bangalore contribute to almost 70% of the total wine consumption.

it is very high in some others..Duty structure in wine industry Levy of excise duty on wines in India is the domain of the State government. The excise rates thus vary across the country as each State decides the rates after considering its revenue targets and other factors. High customs duty prevents cheap imports and promotes development of the domestic industry. The customs duty on imported wines ranges from 150% to 175%. . While the excise duty on wines has been exempted in some States like Maharashtra.29. The duty structure on imported wines in the last three years is as follows: .

Some facts 1. Some of the well-known wine producers are also present in India like Moet and Hennessey. 3. 2. The industry has low entry barriers because of its low capital-intensive nature however the industry is under pressure for profits due to high marketing costs and low volumes. . 6.10-15 million to setup a Wine plant with a capacity of 100. 4. 8. E&J Gallo and HWWG. growth in the foreign tourists. and government regulations and policies. There is a strong growth in the imported wine market with Indian importers importing hundreds of brands from countries like Australia. US to Bulgaria. as it requires around Rs.30. .. With demand increasing at a steady pace. and corks account for approximately 20% of the total costs and are higher than the international norms.000 liters. The industry is not very capital intensive. 5. The fortunes of the industry are linked to the trend in the changing drinking habits of Indians. The key raw materials such as grapes. The wine industry has witnessed a CAGR of over 25% over the last 3 years in the premium wine segment mainly fuelled by the strong growth in the domestic wine consumption. The industry is dominated by three players viz Indage. higher disposable incomes. Sula wines and Grover wines and enjoys more than 90% of the total market share. bottles. the industry is expected to go through a consolidation phase. 7. The Indian wineries have planned expansion plans to meet the increasing demand.

. Positive government outlook towards the sector will go a long way in developing the industry. Going ahead. .31. .Conclusion The growing Indian urban population with rising disposable incomes is the key growth driver for the wine industry. the industry is likely to witness entry of many local and foreign players. This will help widen the market further. Consumption of wines will also get a boost if the benefit of duty exemptions in Maharashtra is passed on to consumers through price reductions.

. as are taxes. which will allow freer. The rest is used for making wine. The wine industry is both competitive and challenging. 3. cheaper imports. are waiting for a rationalization in the policy. combined with high manufacturing costs. or consumed fresh or dry. production costs are high. with an `insane' 300 per cent duty slab on each bottle is the huge prohibiting factor: the growing breed of wine importers. Since the volumes are low. So a key challenge for industry is maintaining lower costs . Problems faced by the wine industry 1. foils etc.. It exhibits the characteristics of the consumer packaged goods (CPG) industry – aggressive brand building supported by large advertising and event budgets. As much as 99 per cent of the grapes is used for making honey. One of the other reasons why wine drinking has not caught on is that quality wines are priced relatively high. 2. labels.32. But a key differentiation in the wine industry is the relatively higher packaging costs– glass bottles. The domestic excise policy.An Analysis Two of the country's biggest grape-producing districts. Thus the opportunity in this sector is immense and given proper help and guidance this sector can be great help of employment as well as earning. are in Maharashtra.000 hectares of vineyards here grow more than one lac tons of grapes a year. crushes and jams. as well as Indian makers of wine. as well as an opportunity for Indian wines to be available easily all over the country. 20.Wine Industry in Maharashtra . Nasik and Sangli.

. Another challenge for the company was to manage the distribution of the finished goods.to control the cost of expensive packaging inputs. . State Government has also imposed very high Sales Tax on consumption of imported liquor in restaurants and bars. 6. The five categories of liquor manufacturing and sale for which the license fee hike would be restricted to 150-200 per cent are the wholesale segment of foreign . 4. These were imposed at the rates of 75%. Considering the already high customs duty on such liquor. a rethink in the wake of protests by the liquor industry has resulted in the new decision. Such high duties are totally counter productive and were not justified for providing protection to local liquor companies.33.4. restricting the hike to certain categories. Measures taken by the government for reviving the industry The Maharashtra government has decided to pare the license fee hike for five liquor categories to 150-200 per cent. the overall duties on import of liquor have gone up to 463% to 706% on different types of products. 5. A government media release said while the license fee hike had been announced in 15 categories of liquor. 2001 as countervailing duty in lieu of excise duties paid by domestic liquor products in different States. In October 2001. the government had announced a 200-400 per cent hike in the license fees for various categories. 100% and 150% on ad valorem basis for three different categories of CIF value. Scarcity of water could be accounted for as the chief cause responsible for the wine industry as the grape cultivation suffers from unseasonal rains. Ministry of Finance has imposed additional duty on imported liquor with effect from 1.

permit rooms and wholesale and retail sale of country-made liquor. SAD and CVD took the total duty on imported liquor to 706%. simplified processes and procedures. 100% on imported liquor with CIF value between US$20 to US$40 and 75% on imported liquor with CIF value of over US$40 per case. certification and export promotion. Last year Government had introduced CVD or additional duty on ad valorem basis in 3 slabs. Imported liquor with CIF value under US$25 per case will attract additional duty of 75%. This duty was 150% on imported liquor of CIF value of under US$20 per case. sales tax concessions. They have therefore started the gradual reduction.liquor. The combined effect of the basic duty. Finance Minister has now reduced the CVD and made it into 2 slabs.. retail segment of foreign sale. The Finance Minister has reduced the customs duty on import of liquor from 210% to 182%.34. This will result in additional revenue of Rs 28 crores annually for the state and is intended to offset the notional loss that would arise out of the decision to restrict the license fee hike Maharashtra has also announced a grape processing industrial policy incorporating incentives like excise duty reduction on wines. fixed license fees for a 10 year period and creation of a wine institute and a grape board for quality control. . . The government also decided to levy an additional sales tax on country-made liquor manufacturing units at Rs 18 per box. Government had also given a commitment to WTO that this will be reduced to 150% by 2004. The release said the decision was in response to repeated pleas by wholesalers' and retailers' associations that an unrealistic license fee hike would run these segments of the industry out of business.

The peak total duty will now be as follows: Note: CIF – Means that the seller delivers when the goods pass the ship’s rail in port of shipment. . CVD .. .35.The duty to be paid along with basic customs duty and special additional duty for the imported items. Thus there is a substantial reduction on CVD and the industry is happy with this.All other liquor with CIF value over US$25 per case will have CVD of 50%.

Raw Material Excise 11. Franchise Fee 8. Assessment Fee 7. Bottling fee 5.Various taxes and duties applicable to the wine industry 1. Excise Duty 2.. Export Pass Fee 17. License Fee 21. Sales Tax/Surcharge 20. Brand/Label Fee 13. Toll Tax . Litterage fee 6. Import Pass Fee 16. Vend Fee 19. . Permit Fee 14. Additional Duty 3. Availability Fee 12. Distillery/Brewery License Fee 4. Gallon age Fee 10. Educational/Welfare Cess 18. Permit Fee 9. Transportation Fee 15.36.

..LIQUOR Bottled in India Products imported in bulk for bottling in India attract import duties of 222. (Source: EXIM Tariffs) .4% besides local excise duties on par with Indian made products.37.

would not be affected by political activity High effective tax rate is 35% Income Tax Sales promotion costs High Sales promotion costs account for around 22% of sales Low Employee cost accounts for around 4-5% of Personnel costs sales Competition Existing players Medium McDowell has been able to hold its own in the existing competitive scenario and garnered a 26% market share. difficult to pass on higher costs FDI High FDI in this sector would enable the local manufacturers to acquire better manufacturing technologies and tap the markets of the foreign partner Excise duty High Excise duty is around 23% of sales Political Stability Low demand being inelastic. . and brand equity of the existing players are extremely difficult to replicate.Main factors for wine manufacturers Parameter Sensitivity Explanation Inflation High margins already under pressure.38. .. New entrants Strong marketing and distribution networks.

With a view to actively develop this area. The company is also planning to launch cigars in a high price range. 4. These areas used by the company for surrogate advertising.39. Aggressive marketing and sales promotion Rich brand portfolio Web initiatives like joining the dotcom brigade Amalgamation. the company has franchised the bottling and sale of McDowell’s purified drinking water and soda. Surrogate advertising The ban on liquor advertising has in a way it came as a blessing in disguise since it created an entry barrier for any new prospective player. have been identified to be yielding high-margins. .. especially if one compares with the present margins in the liquor industry. restructuring and consolidation . which it plans to import and sell under its own brand name. 5. which are now available in over 75 cities in the country. It is primarily focusing on the youngsters as its target market with its USP being that cigars are less harmful than cigarettes.Steps taken by the companies to counter the competition 1. McDowell has used this ban to its advantage by using surrogate advertising for products like mineral water and soda. 2. 3. which also generated additional revenue for the company.

Such concessions will be admissible for period of 5 years. Declaration as a Preferential Area As the Winery industry does not fall in the preferential area of granting loans. 2001. to get the high price of the product for farmers and to create better employment in the state. 1. Declaration as a Small Scale Industry Within the limits of investments prescribed for the Small Scale Industry. wineries should be considered as a Small Scale Industry.40. Concessions in Sales Tax It has been decided with the consent of all states in the country that the floor rate of Sales Tax on liquor will be at the rate of 20 per cent. NABARD may be requested to declare preferential area for Winery Industries. For those wine industries whose production have been started or would be started on or after 19th September 2001. the excise duty will be charged at the rate of 50 per cent of the production expenditure incurred by such units instead of present 100 per cent rate. Concessions in Excise Duty For those wine industries whose production has been started before 19th September. the financial institution like NABARD does not grant loans in such industries. enabling to grant such requisite loans. 4. the excise duty will be charged at the rate of 25 per cent of the production expenditure incurred by such units.. However. . 2. preparation of a separate policy was under active consideration of the State Government. .Hope: Maharashtra grape policy 2001 Accordingly. 3. Therefore. to give impetus to the grape processing and wine industry in the state.

7. Simplification in the system of License/Permission for Wine Production If Wine production is taken in Winery Park as declared by the State Government. checking the quality of wine..per year will be charged for License Fee for the sale of wine and this rate will not be changed for next 10 years. . In other places for Wine Production. by simplifying the system of License the Collector of the district level will be empowered with a binding condition to issue licenses within 30 days. 8. 5000/. 6. Wine Sales License Fee An amount of Rs. Such Institute will look after the work of training. .the Wine Process is totally different from the Liquor Production Process and wine unit is considered as agriculture process unit by the Central Government. a separate Wine Institute will be established. For setting up of the Wine Institute. to encourage the Grapes Processing Industry in the state. 5. a request will be made to the Empowered Committee of Finance Ministers of all states constituted by the Government of India to reduce the floor rate of Sales Tax on wine. research and information center for the Wine Industry. Establishment of Wine Institute To maintain the quality of Wine at the International Level and to make available trained man power. Therefore. Wine Product License will be given at district level at the time of allotment of Plot.41. Government/ MIDC will allot the plot at the nominal rate as given to the other educational institute. Wine Sales License Wine will be permitted for sale by Beer Bars and also licenses will be given to Wine Bars to sell wine on the basis of Beer Bars. These institutes will be established by forming separate trust firstly at Sangli and Nashik.

fee is charged on the wine produced in the state and the country. . It would be examined as how to charge tax equivalent to the percentage of excise duty on the Imported Wine by other ways. 11 Wine Product Units . One Window System For Winery Industry. in Maharashtra also. government laboratories. Grapes producing farmers. permission will be given to the tourists to visit Wine Product Units for testing the wine.Permission for the Tourists In foreign countries.42. essential license. However.9. licenses will be given to such Wine Product Units to sale wine on retail basis.. Also. infrastructure will be made available with One Window System. wine institute etc. Establishment of Grapes Board A Grape Processing Industry Board would be established for Wine and other Grape Processing Industry in Maharashtra. permission is given to watch the Wine Product Units. electricity supply. 10. The Board will consist of representatives from the concerned industry. . 12 Taxation on Imported Wine a) Excise Duty: Excise Duty cannot be charged on the Imported Wine. This issue would be examined fees will be charged on labels and brands. State Government. b) Fees on Labels and Brand: No fee on Labels/Brands is charged on Imported Wine. plot. telephone etc. In similar manner. The organisation and functions of similar kinds of Boards existing in other countries will be examined before establishment of Grape Board in Maharashtra on same standards.

CIL has been instrumental to a large extent in developing the wine industry in India.5mn liters of wine per annum. the company also exports its wines to USA. .43. Established brands like Chantilli. A toast to good times! Champagne Indage Limited (CIL) is India’s leading wine producing company with 71% market share. which will enable it to enjoy tax breaks and improve its margins. UK. sparkling and rosy wines of many varieties.is on a high growth trajectory.Champagne Indage Ltd. Introduction of wine coolers (Sinn) and entry into beer segment will add to the company’s revenues FY05 onwards. . red. Germany and other European countries. Switzerland.India’s largest wine manufacturer . Apart from the domestic market. CIL has expanded its production capacity.. Champagne Indage Limited (CIL) . Maharashtra with an aggregate capacity of 3. CIL has three wineries located in Narayangaon. It produces white. Japan. Recent policy initiatives to classify wine under the agro processing industry will augment its prospects.

. for a total investment of Rs74mn. sparkling and rosy wines with a virtual monopoly in the sparkling wine category.Riviera and Marquise De Pompadour gives it the armory to exploit the growing Indian fondness for wines.8mn liters. It was the first company in India to introduce champagne under the brand name “Marquise De Pompadour”. Dominant position in Indian wine market CIL is a pioneer in the Indian wine industry with a market share of 71%. The company has a dominant presence in all sub segments namely white.44.. Indian wine market segmentation 12% 14% 3% 71% Champagne Grover Sula Others Production capacity doubled in April 2004 CIL had two wineries with an installed capacity of 1. red.7mn liters. with a capacity of about 1. Commercial . is one of the most modern wineries of the world. This winery. both situated in Narayangaon in Maharashtra. The company recently set up a third winery at the same location.

CIL has ventured into beer marketing.. CIL will become a complete alcoholic beverages company. CIL targets the large Indian domestic beer market having a size of about 85mn liter cases in volume terms and Rs7bn in value terms. The total advertisement expenditure planned for this project is Rs50mn. Under phase two next year. With its entry into beer and into other alcohol segments later on. where taste for Indian beer in picking up.8mn cases and revenues of Rs120mn. which will generate sales of 0. The first year of operations will cover 15 states in India constituting 84% of the total national consumption of about 85mn liter cases. This complete value proposition will take CIL far ahead of its competitors in the wine industry. .45. . the reach will increase to embrace the entire country.operations have commenced at the third winery from March 2004 and full benefits will materialize in FY05. Entry into the beer segment To capitalize on its established network of warehouses and common dealer network. The company also intends to cater to the demand from Indian restaurants in Europe and North America. The new venture will be launched in two phases. We expect beer business to contribute Rs15mn to the PBT in FY05.

. The drink -available in smartly packaged pint bottles.. It owns a portfolio of 64 wine brands.46.Introducing concept of wine coolers CIL has recently launched fruity wines of different flavors called ‘wine coolers’. The idea behind ‘Sinn’ is to introduce wine to starters who will eventually migrate to red and white wine. CIL is targeting sales of 3mn cases and revenue of Rs100mn from this brand in FY05. Brands are the company’s key assets CIL’s key asset is the brand equity earned by the company’s wine over the years.is branded as ‘Sinn’. Positioned as an alternative to beer and rum cooler ‘Bacardi Breezer’. Launched initially in Goa. the company introduced ‘Sinn’ in Mumbai by July 2004. The top brands among different wine categories are: .

Champagne India’s wines available in market . ..47.

.48. the company claims to offer wine for everyone and every occasion. Such international acclaims enhance its brand’s popularity. CIL regularly participates in international wine competitions. London.. Price positioning ensures larger reach CIL’s portfolio of 64 brands is priced in such a way that they target different income groups. During the initial stages of its operations.CIL’s wines enjoy a strong brand image not only in the domestic market but also overseas. the company spent a lot of efforts in developing a positive image for its wines. Ranging from wine coolers (Sinn) priced at Rs30 per bottle to premium segment priced over Rs500. . CIL’s wines have so far won 7 bronze and 1 gold medals at The International Wine & Spirit Competition.

49. . The existing units of the company are: Some of the upcoming units of the hotel company are as follows: Indage Hotels is a highly visible profit making company. production and brand portfolio of its own to top the marketing network. Indage Hotels owns some of the most renowned restaurants. pubs and lounges in Mumbai. .Group presence in hotel business provides marketing platform The Indage Group’s presence in the hospitality business is marked by their company ‘Indage Hotels’. Forward integration of such kind gives CIL a chance to strengthen its brand image and improve brand loyalty. Overall it is a unique proposition wherein the company has raw materials. which will immensely help the winemaking efforts of CIL.. The emphasis of these places is to give the consumer the perfect wining and dining experience. This unique chain of elite hotels provides the correct ambiance. opportunity and target audience to promote its wines.

stems and other remains from the crushing are used as manure.. . Maturation The first fermentation wine is further stored in tanks and/or oak barrels for 6-8 months for maturation. .50. While the skin. The crusher punchers the grapes and transfers it to a dejuicer which separates the pulp from the juice. This process is called the first fermentation of wine and it takes about 8 weeks.Wine process at CIL Ltd Crushing The grapes are hand picked and transferred to the crusher. Fermentation The grape juice is first chilled in a combination of stainless steel tanks and oak barrels and then fermented by adding yeast. the juice is sent for fermentation.

Bottling Once the mature wine is ready. .51.. which are washed internally and externally with double filtered water to remove bacteria and germs if any. After testing the stability of the wine. it is stabilized through cold treatment. it then is filtered to screen the balance fine particles. . The filtered wine is then packed in bottles.

..52.Projected income statement .

The company may have to compromise on profit margins in order to maintain the leadership position by the company.Issues of concern Impending equity dilution To finance its foray into new markets and products. Thus champagne India is on its big plans with its wine sector. The maturity period of this 4% coupon paying debt is 18 months. CIL is planning to raise Rs220mn via issue of Optionally Convertible Debentures (OCDs). to set up shops in the country. both Indian and Foreign. The conversion price of the OCDs is fixed at 10x EPS of FY05. . Though there are regulations and government laws champagne India will surely make out of this.53. In the event of redemption.. Gradually. a premium of 4% shall be paid. The proceeds of the issue will be used for the following purposes Increasing Competition will reduce market share Wine production and marketing is a lucrative business and thus we expect more players. the market share of CIL will slip lower from current 71%. Rapid product innovation and enhancing brand loyalty will be critical. .

naturally. there is a ponderous threat that people will simply eschew Indian wines and lap up the foreign goods. And the present boom is occurring even in spite of some of the most restrictive and regressive laws covering wine import. other states will follow Maharashtra’s lead. Indian society) liberalises. it is expected that wine consumption in India will grow tenfold to reach an average consumption of about 60 million bottles in the next 7-10 years. Vineyards are multiplying in Maharashtra. in the world. with generous subsidies from the state government encouraging the move. and that is the mistaken belief that Indian wine will never be on par with international standards. Further. the stage is set for a glorious future. . This is the most progressive action yet-taken on the Indian wine scene. marketing. The government of Maharashtra has issued over 70 licenses in the last couple of years for setting up new wineries. . etc. sales. wine has a chequered history in India. Indeed. but it also has a booming present.. The best cannot keep pace with demand. Nashik is the current centre of the boom. There is. That is. Enterprising table grape farmers have shifted to growing wine grape varieties. Again.54. however. the state’s revenue department has introduced a zero excise duty regime with 4% sales tax on locally produced wines. as farmers see ever more advantages to switching to wine grape-growing. one shadow hanging over this prediction. and hopefully. As and when the market (and.Conclusion Nevertheless. That is beyond dispute. as the market liberalises and more and more foreign brands are readily available. wine consumption in India is currently increasing at a rate of over 20% per year and certain domestic wineries yearly sell out their entire stock.

55. the advice would be not to write off the local offerings. "It's about half a teaspoon per head. and preferably even more so. then the local product will be inherently competitive with the foreign rivals. the chairman of Chateau Indage puts it succinctly. So. The consumption is increasing though ever too small. .It need not be so. It will then come down to questions of prejudice and conspicuous consumption. the market will be one billion litres. Provided that the Indian producers continue to attend to quality at least as diligently as they have been for the last two years. those who curl up their nose at Indian wines. The day it becomes one litre. Sham Chougule. and these super-structural challenges may be faced by intelligent marketing and tactical distribution." ..

www.htm 4. Decanter – worlds best wine magazine 3.com/sect/chin.htm 6.com/ Sept2002/Indian_Wine_industry..htm 3. Asian Age Reports 1. www.com/fullstory.indianwine.htm 5.in/india-profile/food-pro.GOI Internet 1. Business & economics 2.com.pdf 7.expressindia. Business world News Papers 1.blonnet. www.1.the-south-asian..48k 9. www.php?newsid=58498 .Bibliography Magazines 1.org/interns2003/chap21. www. Economics times 2. Report on wine industry.com/dsm/indianwinemarketresearch.au 2.com/life/2004/ 02/09/stories/2004020900110200. ccsindia.com/winepark.indiainbusiness.nic. Maharashtra state wine industry report 2.indiainfoline.indianwine. www.htm . . Times Of India 3.wineaustralia.pdf 8. www. www.

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