Diageo, Radico form JV for IMFL foray.

Aug. 22--BANGALORE/NEW DELHI -- Diageo, the world's largest drinks company, and Radico Khaitan have unveiled an equal joint venture in the Indian spirits market. The new vehicle, which marries Radico's distribution and manufacturing base with Diageo's marketing muscle, will tap the fast growing Indian Made Foreign Liquor (IMFL) market initially.

The development marks Diageo's return to IMFL, which it exited in a celebrated way in '01. ET first reported Radico's move to align with Diageo through a 50:50 JV. The company will be jointly managed with Abhishek Khaitan, MD,