Asia Pacific Breweries has acquired the outstanding stake in its Indian subsidiary, APB Aurangabad (APBA).

The company, a joint venture between Heineken and Fraser & Neave, confirmed today (4 August) that it bought the 24% stake from Chowgule & Company for INR153.1m (US$3.6m). The transaction will be funded through "external borrowings", APB said.

"The acquisition is not expected to have any material impact on the consolidated earnings for the current financial year, nor on the net tangible assets of the company," APB said.

Earlier this year, APB confirmed that it was looking to increase its presence in India, both through organic growth and acquisitions. The brewer currently has two breweries in India, one in Maharashtra, central India, while the second, greenfield brewery will open shortly in the southern state of Andhra Pradesh.