CARLSBERG has agreed to take full control of its business in India and Nepal, the Danish brewer said on Friday (Aug 2).
The group will buy a 33.33 per cent stake in Carlsberg South Asia (CSAPL) from partner CSAPL (Singapore) Holdings as well as other stakes in underlying companies for a total of US$744 million, it said.
The deal is expected to be completed in the fourth quarter of this year, after which Carlsberg will own 100 per cent of the business in India and 99.94 per cent of the business in Nepal, it added.
“We can now accelerate investments to capture the long-term growth opportunities in this exciting beer market,” CEO Jacob Aarup-Andersen said in a statement.
Carlsberg last year said it expected to exercise an option to buy out its partner in India and Nepal.
The company in 2022 won an arbitration case against its Nepal-based partner Khetan Group in which Khetan had been seeking financial relief related to a dispute that first came to light in 2019.
The tribunal awarded Carlsberg the right to buy Khetan’s shares in the joint venture, which controls around 17 per cent of the Indian beer market. REUTERS
