February 20 (SeeNews) - Serbian confectionary group Swisslion Takovo said it signed an agreement to acquire insolvent winemaker Vrsacki Vinogradi for 575 million dinars ($4.93 million/4.64 million euro).
Swisslion Takovo will start a three-year plan for the recovery of Vrsacki Vinogradi, Swisslion Takovo said in a statement on Friday.
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The programme will involve investments in the purchase of processing equipment, the owner of Swisslion Takovo, Rodoljub Draskovic, told Serbian public broadcaster Radio Televizija Srbije (RTS) on Saturday.
Moreover, Swisslion Takovo plans to start exports of Vrsacki Vinogradi wines to China, Russia, America and entire Europe, Draskovic said.
Vrsacki Vinogradi, which entered insolvency proceedings in 2015, owns 1,700 hectares of plantation vineyards in the area of Vrsac, in northern Serbia. The assortment consists mostly of white wine varieties, with Italian Riesling covering more than 50% of the plantation. The total cellar capacity of Vrsacki Vinogradi amounts to 34.2 million litres.
(1 euro = 123.842 dinars)