(Updates with Gancia management plan in second paragraph.)

Dec. 15 (Bloomberg) -- Billionaire Roustam Tariko’s Russian Standard vodka brand said it bought 70 percent of sparkling-wine and vermouth producer Flli Gancia & C. SpA in an effort to expand the Italian company.

Tariko will lead Gancia as its president, while members of the Vallarino Gancia family “will continue to play an important role in the company,” St. Petersburg-based Russian Standard said today in a statement.

Russian Standard’s resources will make it possible to develop Canelli Asti-based Gancia into Russia’s and the world’s leading brand, Tariko said in the statement.

Gancia, which was founded in 1850, operates 2,000 hectares (4,942 acres) of vineyards in the Asti province and produces a crop of 5 million kilograms (11 million pounds) of grapes a year, Russian Standard said. The vintner produces more than 25 million bottles of wine and aperitif wine a year.

--Editors: Tom Lavell, Paul Jarvis

To contact the reporters on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net; Marina Sysoyeva in Moscow at msysoyeva@bloomberg.net

To contact the editor responsible for this story: Brad Cook at bcook7@bloomberg.net