Asia Pacific Breweries, the joint venture between Heineken and Fraser & Neave Group, has agreed to buy up all shares it does not already own in its Indian subsidiary APB Pearl for SGD4m (US$2.7m).

Singapore-based Asia Pacific Breweries said yesterday (19 May) that will buy the remaining 33% stake in APB Pearl, which operates in the Indian state of Andhra Pradesh, from Jaipuria Beverages & Food Industries.

The deal is unlikely to affect earnings per share for Asia Pacific Beverages in its current financial year, said the brewer, which added that it will fund the deal using internal resources.

Last year, the firm announced that it planned to build a brewery in the southern Indian state of Goa.