Cobra Beer has played down reports that its owner wants to sell a stake in the company to a global brewer - and hinted that it is set to announce expansion plans.

The UK-based company, which is seeking funding for a probable flotation in London, was reported in India to be looking to sell a stake to a multinational brewer.

However, Cobra told just-drinks that despite "regular approaches" from major brewers, it had "no plans at this point in time to sell or divest a significant stake" in the company.

The company added: "In fact Cobra Beer has very specific plans over the next 3 years which will be announced later this month, in which India will play a major role."

Cobra, owned by Indian entrepreneur Karan Bilimoria, is seeking funding to invest in key markets, including the UK, the US, India and South Africa. Late last year, Cobra said it was in talks to set up a brewery in the Indian city of Hyderabad, its second in the country.