INDIA: Diageo's United Spirits to boost IMFL capacity with factory buy
The company is looking to boost its IMFL capacity in India
United Spirits has agreed a deal to acquire J P Impex Incorp's Karnataka factory for INR115m (US$1.9m).
In a filing to the Bombay Stock Exchange yesterday (14 July), the Diageo-controlled firm said it has entered into an agreement to buy the chemicals company's building, plant and machinery, licences and lease hold rights on the land.
United Spirits said the acquisition will “facilitate an increase in the company’s licensed Indian Made Foreign Liquor production capacity in the state of Karnataka, which the company proposes to use for Tetra Pak production and availing logistical advantage”.
The deal remains subject to “certain conditions” set by J P Impex Incorp, the filing added.
Diageo announced it had gained majority control of United Spirits earlier this month after upping its stake to 54.78%.
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