Mexico's Grupo Modelo and French group Nestlé Waters have sealed their joint venture for the Mexican bottled water market.

The two companies, which signed a letter of intent on the venture last year, are aiming to boost sales of Nestlé Waters brands in Mexico.

Nestlé Waters said it will focus on driving sales of its Santa María, S. Pellegrino, Perrier and Nestlé Pureza Vital in Mexico.

The country is the world's second-largest bottled water market and is growing at 8% a year.