India: United Breweries and Scottish & Newcastle to buy 20% more in Millennium Alcobev
United Breweries (UB) and Scottish & Newcastle (S&N) are jointly picking up an additional 20 % stake in Millennium Alcobev, Ecomonic Times, The (India) (KRT) Via Thomson Dialog NewsEdge announced on February 12.
According to its application to the Foreign Exchange Promotion Board (FEPB), Scottish & Newcastle India will increase its stake in Millennium Alcobev from 40 percent to 50 percent, while UB will pick up another 10 percent stake in the company.
The combined stake of 20 percent was earlier with Millennium Alcobev MD Ravi Jain. When contacted, a UB spokesperson confirmed the deal.
Millennium Alcobev was formed in the late '90s, with the UB Group as the major stakeholder holding 62 percent of the equity.
The balance 38 percent equity was shared between Mr Jain and other members of the management team. It later became a 40:40:20 three-way joint venture between UB, S&N and Mr Jain in May '03. The company has had a good run becoming the third largest brewer in the country after UB and SAB.
Millennium Alcobev sells brands like Sandpiper, Zingaro and Kalyani Black Label beer and has brewing capacity in Haryana, Maharashtra, Andhra Pradesh, Tamil Nadu and Kerala.
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