CHINA: Virgin forms Chinese soft drink JV – report
The Virgin Group is looking to form a Chinese soft drink joint venture, according to local reports. Citing company sources, the Shanghai Daily said today (5 July) that the UK company is planning to team up with Sichuan Yunlu Industrial Development Co Ltd and Great China Beverage Co Ltd in the Sichuan province.
The paper said that the new venture, Virgin Beverage Co Ltd (China), has been given a US$20m investment from the Virgin Group.
Sichuan Yunlu, a former Pepsi bottler, has a 35% stake in the unit, with Virgin holding an undisclosed majority stake, the Shanghai Daily said. No information was available on the size of Great China Beverage's holding, the paper added.
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