Slane Castle Whiskey is to invest some €12m in a distillery and visitor centre, creating 25 jobs.
Construction on the project will begin later in 2013, with the business hoping to attract 50,000 visitors per year.
Meath County Council granted planning permission yesterday.
The project will be focused on the stable yards adjacent to the castle.
Launching the project, Alex Mount Charles said the whiskey sector was an “excellent growth industry as significant value is added to the finest raw materials which results in a higher value product for international export”.
“The country’s economic future will benefit from these emerging, indigenous industries that springboard off Ireland’s superior produce,” he added.
Camus Cognac will be the co-investor in the project, and its involvement will “bring investment and extensive branding and commercial expertise”.
Camus Cognac president Cyril Camus said: “This venture represents two historic families coming together to play an important role in reviving the tradition of an independent, family-owned distillery with craftsmanship at its heart”.