Piccadily Agro Industries has unveiled a new limited-edition expression in its Indri City Series, crafted exclusively for the duty-free market. The Mumbai edition represents the company's continued commitment to premium whisky craftsmanship and cultural storytelling through single malt expressions.

Product Launch Details

The new offering is a Red Wine Cask single malt whisky bottled at 48% ABV, created exclusively for Ospree Duty Free at Mumbai's Chhatrapati Shivaji Maharaj International Airport. This limited edition captures Mumbai's vibrant character, from Marine Drive's ocean breeze to the iconic Gateway of India.

Tasting Profile and Craftsmanship

The Mumbai edition offers a complex sensory experience designed to reflect the city's cinematic charm and energy. The whisky features intricate artwork inspired by Mumbai's iconic landmarks, complementing its rich depth and fruity opulence.

Tasting Notes:

• Nose: Mixed sweet fruit jam with raspberry highlights, tropical pineapple, floral notes, caramel, chocolate, and delicate toffee
• Palate: Full-bodied and expressive, with candied sweetness, Christmas cake richness, dried fruits, fig, and gently warming spice, balanced with oak and vanilla structure
• Finish: Smooth, bold, and lingering with layered complexity

Strategic Partnership and Market Positioning

Madhu Kanna, Head of International Business at Piccadily Distilleries, emphasized the brand's vision of bottling the heartbeat of India's iconic cities. The partnership with Ospree Duty Free aims to create memorable experiences for global travelers while elevating the travel retail journey.

The Ospree Duty Free spokesperson highlighted their commitment to offering limited-edition expressions that capture local spirit and vibrancy, providing customers with not just a whisky but a story of the city they can take home.

Company Background and Market Leadership

Piccadily Agro Industries Limited operates primarily in two strategic business segments: Distillery and Sugar. The company's manufacturing facility in Indri, Haryana, spans 168 acres and produces a diverse range including Malt, Extra Neutral Alcohol, Ethanol, and White Crystal Sugar.

The company launched its flagship Indri single malt whisky brand in 2022, targeting discerning consumers who appreciate quality craftsmanship. Through premiumization strategies and technical capabilities, Piccadily has positioned itself as the fastest-growing single malt whisky brand in 2024, leading India's whisky renaissance with innovation rooted in authenticity and world-class craftsmanship.

Piccadily Agro Industries Ltd. has taken a significant step to reward and retain its workforce by approving the grant of stock options under its Employee Stock Option Plan (ESOP) 2024. The move, aimed at incentivizing employee performance and attracting talent, was approved by the company's Nomination and Remuneration Committee.

Key Details of the ESOP Grant

Vesting and Exercise Conditions

The stock options are subject to specific vesting conditions:

• Options will vest after a minimum period of one year.
• Vesting is contingent upon the achievement of service or performance milestones.
• The Nomination and Remuneration Committee will determine and communicate these milestones to the eligible employees.

Once vested, employees will have a window of up to three years from the vesting date to exercise their options, as specified in their individual grant letters.

Purpose and Implications

This ESOP initiative serves multiple strategic objectives for Piccadily Agro Industries:

1. Performance Reward: It provides a tangible way to reward employees for their past performance.
2. Future Motivation: The plan aims to motivate employees to maintain high performance levels in the future.
3. Talent Attraction and Retention: By offering equity participation, the company seeks to attract new talent and retain valuable employees.

The grant of these stock options aligns with current market practices for employee retention and motivation in the competitive agro-industry sector. It demonstrates Piccadily Agro Industries' commitment to creating long-term value for both its employees and shareholders.

While the immediate financial impact of this ESOP grant may be limited, it could potentially have a positive effect on employee morale and productivity, which may translate into improved company performance over time.

Investors and market analysts will likely monitor how this ESOP program influences Piccadily Agro Industries' ability to attract and retain key talent, as well as its impact on overall company performance in the coming years.