INDIA: UB, S&N increase Millennium Alcobev stake
UB Group and joint-venture partner Scottish & Newcastle have decided to hike their individual stakes by 10% each in their joint-venture Millennium Alcobev.
This increase in stake will see S&N and UB have a 50:50 stake in Millennium Alcobev, while Ravi Jain, Millenium's managing director, will cease to be an equity stakeholder.
Millennium Alcobev began in December 1999 as a 62:38 JV between UB Group and Vijay Mallya's strategic ally Ravi Jain and was later expanded to accommodate S&N in September 2002 becoming a 40:40:20 JV between S&N, UB and Ravi Jain respectively.
Millennium Alcobev is currently India's third largest brewer with brands like Sandpiper, Zingaro and Kalyani Black Label beer and operates breweries in Haryana, Maharashtra, Andhra Pradesh, Tamil Nadu and Kerala.
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