India: Latest beverage news & analysis
Finally, after a near four-month delay United Spirits reported its full-year results today.
Finally, after almost 20 months, Diageo has got what it initially wanted in India. The company today (2 July) confirmed it now holds the majority of shares in United Spirits. This achievement, however, has cost way more than Diageo initially expected; to the tune of around US$1bn.
As expected, Diageo has stepped up its bid to take majority control of India’s United Spirits Ltd (USL). The UK-headquartered company has launched a tender offer for a further 26% stake in the UB Group unit, which, if successful would raise its stake to around 55%.
A survey of consumers in India has revealed that alcoholic beverages may have the most to gain from high levels of optimism in the country.
Five years ago this week talk of Diageo taking a stake in United Spirits first emerged. It set in train a series of events that this year saw the Smirnoff producer secure control of the Indian spirits firm.
Tilaknagar Industries has declined to comment on speculation that it is looking to sell some of its brands to South Africa’s Distell Group, but admitted it is still eyeing tie-ups.
Pernod Ricard has confirmed that its India unit has increased its banking overdraft facility, but has declined to give a specific reason for the move.
Accolade Wines has recruited ex-cricketer Glenn McGrath to promote its Hardys wine brand in India.
Remy Cointreau has confirmed it is looking at “various” options around its presence in India, but has declined to comment on reports that it plans to close its office in the country.
Indian craft brewer Cerana Beverages has released two variants of its Bira 91 beer brand in its home market.
United Spirits has closed a manufacturing plant in the Indian state of West Bengal.
Rexam is to boost its can capacity in India with a new GBP50m (US$77m) plant in the south of the country.
Anheuser-Busch InBev has quit its eight year-old joint venture in India with RJ Corp to go it alone in the country.
Hindustan Coca-Cola Beverages is to invest INR1.8tn (US$29m) in a new PET line at a plant in West Bengal.
United Spirits remains in the red in its year to date, but losses have slowed after a healthy rise in Q3 profits, thanks to its premium brands.
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