In 1974, the State Distilleries Corporation was established to take over the liquor distilling and producing activities of the Excise Department of Ceylon.

On 20 February 1992, 60% of the company was sold on the Colombo Stock Exchange to the highest bidder, a consortium of investors formed by Milford Exports Ceylon Limited, Lanka Milk Foods (CWE) Limited (both companies controlled by Sri Lankan businessman Harry Jayawardena) together with Smith New Court Investors from Singapore.

In 1995, the company entered into a joint venture with Pernod Ricard of France, one of the top 5 liquor producers in the world, to incorporate Periceyl Limited to produce whiskeys, brandies, and other international liquor in Sri Lanka for the Sri Lankan market.

The company represents world-renowned brands such as Chivas Regal and Jameson Irish Whiskey in Sri Lanka.

In 1999 the company acquired a significant stake in highly diversified Aitken Spence PLC, which has interests in power generation, shipping and hotels in Sri Lanka, India, Oman and the Maldives.