INDIA: United Spirits targets capacity lift with Pioneer Distilleries buy
United Spirits has moved to snap up Pioneer Distilleries
United Spirits has lined up the acquisition of majority control of Indian drinks firm Pioneer Distilleries.
The company, owned by Indian conglomerate UB Group, advised the Bombay Stock Exchange (BSE) earlier today (14 September) that it has offered around INR740m (US$16m) for a 54.7% stake in Pioneer, which has a distillery near Nanded in Maharashtra, due east of Mumbai.
In accordance with stock exchange regulations, United Spirits will also make an offer to Pioneer's shareholders for a further 20% stake.
“With this acquisition, United Spirits' in-house capacity of primary spirit distillation will go up to 22.5% of its requirement and provide further supply-side security,” the firm told the BSE.
Back in November, United Spirits acquired Tern Distilleries in the state of Andhra Pradesh for INR134m.
To read the official statement, click here.
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