The French-owned Chivas Brothers Ltd, part of Pernod Ricard, wants to build on the site of the Imperial distillery near Carron, which has not been used for 14 years.
The original distillery buildings have already been demolished.
Planning and regulatory services committee chairman Douglas Ross said the new distillery would be welcome.
It would mean an increase of 10% in the company's malt whisky distilling capacity.
Chivas is the second biggest company in Scotch whisky, with about 20% of the market.
Plans for a major new distillery in Speyside have been approved by Moray councillors.