SABMiller has completed its purchase of the Indian brewing assets of Foster's Group.

The London-listed brewing giant confirmed today (12 September) that it has closed its acquisition of the business and brand from Foster's for US$120m.

SABMiller said that its Indian unit will look to extend Foster's Lager through its national network of breweries and seek "significant" cost benefits from brewing and distributing the brand locally. "The existing brewery in Maharashtra will provide additional capacity in the state as well as a platform for access to Mumbai," the company added.

"We will look to continue the success of Foster's in India and drive growth in the premium segment in this exciting market," said Andre Parker, MD at SABMiller Africa and Asia. "SABMiller India's extensive footprint throughout the country, along with its spectrum of strong local and international brands, provides a compelling growth proposition as the Indian beer market develops."

Last month, Foster's confirmed that it was offloading its brewing assets in Vietnam and India. The Australian company sold its Vietnamese rights to Asia Pacific Breweries for US$105m.

SABMiller is the second largest brewer in India - behind United Breweries - holding around 31% of the market.