Indage Vintners has settled the court case filed by the Australian Vintage by giving them Australian wine as compensation for not completing the deal to buy the Loxton winery and foregoing the initial deposit.
According to a report in Indian Wine Academy, under the settlement, Australian Vintage has received an amount that would be used towards purchase of wine from Thachi Wines in South Australia, owned by Indage. The wine is in addition to the USD six million non-refundable deposit previously paid to Australian Vintage by Indage for the Loxton acquisition. Australian Vintage has retained the Loxton winery and the suit has been withdrawn.
Indage had agreed to acquire the 90,000 tonne-capacity Loxton winery in South Australia from Australian Vintage for USD 60 million in March 2008. The sale was to be completed by September 2008 but was subsequently deferred until October, 2008 when Indage had said that it would be unable to complete the purchase of the winery at the designated time but it remained committed to the acquisition.
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