The founding firm of mineral water brand Isklar has sold a 50% stake in the business to India-based firm Siva Group for US$22m.
The deal means that Isklar will be managed by a 50-50 joint venture between its founder firm, Middle East-based SABCO Group, and Siva Group, an Indian congolomerate with interests in telecoms, engineering and logistics.
SABCO, which also operates in shipping and logistics, hopes that the deal will raise more investment for Isklar, which is sourced from Norwegian glacial mineral water.
“The Siva Group has always believed in spotting business opportunities ahead of time so this is a significant vote of confidence in our growing brand,” said Peter Krogh, CEO of the Isklar brand, yesterday (11 March).
Isklar was launched in the UK in 2008 as a premium, everyday bottled water.
It is listed in major retailers Tesco, Sainsbury’s and Waitrose and is also available in high-end stores, including Harrods, as well as convenience stores.