Bangalore, May 2 (UNI) Asia Pacific Breweries (APB) has expanded its network to India by acquiring 76 per cent stake in Aurangabad Breweries Limited, owning units in Maharashtra and Goa.
The company, in a release here, said the aggregate investment for the acquisition was approximately US Dollar 18 million and it would be funded through a combination of internal resources and external borrowings. The investment was the second in South Asia, after its foray into Sri Lanka in September last year.
The acquisition deal entitled APB to increase its stake in the Aurangabad Breweries Limited to 100 per cent by the end of 2008, the release added.
APB Chief Executive Officer Koh Poh Tiong said ''In the last 16 years, our focus was mainly on South East Asia, Indo-China, Australasia and China. As our breweries in these markets have shown good growth, it is timely that we look beyond our current markets and set our sights on South Asia for our next wave of regionalisation.'' The investment in India was part of the strategic move to make a foray into emerging markets to capitalise on the inherent growth potential, besides tapping new market oppotunities for its Tiger, Anchor and Baron's strong brew brand of beer, he added.
UNI VK GD SKB1146