Asgard Alcobev, formerly known as Banganga Paper Industries, has completed the acquisition of CMJ Breweries, a leading contract brewing facility in Northeast India.
The company has acquired a 78.9 per cent stake in the equity share capital of CMJ Breweries pursuant to a Share Purchase and Share Subscription Agreement, said a statement from Asgard Alcobev.
“With the completion of this transaction, CMJ Breweries has become a subsidiary of Asgard Alcobev Ltd,” it said.
Shillong-based CMJ Breweries is a franchise partner of leading brewing brands such as Kingfisher (United Breweries), Calsberg and Tuborg (Calsberg India), Asia 72 beer (Mohan Meakins) and others.
“The acquisition aligns with Asgard Alcobev long-term strategy of diversification and sustainable value creation,” it said.
“By entering the alcoholic beverages segment through a majority stake in CMJBPL, the company strengthens its position in a high-demand, scalable industry with long-term growth potential,” it said.
Earlier, in January this year, the company was informed that it has renamed itself from Banganga Paper Industries to Asgard Alcobev Ltd, and will focus on emerging opportunities in alcoholic beverages.
It has also shifted the company’s office from Nashik, Maharashtra, to Shillong, Meghalaya.
Source: Economic Times