American beer giant saves curry house lager Cobra from collapse

London, May 30 (ANI): The American beer giant behind Carling and Worthington's has saved curry house lager Cobra from collapse.

Molson Coors announced it is setting up a joint venture with Cobra founder Lord Karan Bilimora to buy the business.

Bilimoria has been trying to flog off Cobra for months after it ran up 16 million pounds in losses last year.

Cobra was formally put into administration today - before being bought out by the new joint venture, reports The Sun.

Around 60 jobs could go at Cobra's head office in London as the business is integrated into Molson's UK operation.

Molson Coors (UK) chief executive Mark Hunter said: "Cobra Beer has the potential to become a truly extraordinary brand."

Lord Bilimoria founded Cobra 20 years ago after coming to Cambridge to study law and wanting an alternative to the fizzy lager he got in Indian restaurants.

The beer has 50 per cent of the curry house market - but has run up huge losses after a spending a fortune in trying to break into the pub trade. (ANI)