DID YOU KNOW?
United Breweries expands foothold in Tamil Nadu
United Breweries is to gain brewing operations in the key Indian state of Tamil Nadu, via a proposed merger deal between sister company United Spirits Ltd and local group Balaji Distilleries.
United Breweries Limited, which is the beer division of United Spirits Limited (USL) – the flagship company of the UB Group, does not own any brewing in Tamil Nadu, the southern state of India which is one of the major markets in India contributing 18% of the United Breweries’ business.
With an intention of ensuring supplies from Balaji Distillers Limited, having brewing facilities in Tamil Nadu, the UBL has entered into an agreement with the promoters of BDL to secure to the company perpetual usage of brewery in any manner by BDL and has advanced an amount of around US$ 32141006 to one of the promoter companies of BDL, acting for and on behalf of the other promoters also.
Subsequently, the Board of Directors of BDL and United USL have considered and approved a proposal for merger of BDL into USL, which is subject to obtaining of the necessary regulatory approvals by both the companies, Kalyan Ganguli, Managing Director, UBL said.
According to Mr. Ganguli, the company has obtained a commitment from the USL that the arrangement with promoters will be adhered to on completion of the proposed merger. The advance will be repaid upon the completion of the merger or in accordance with the terms of the related agreement whichever is earlier.
United Breweries today said its net profit rose by 57.14% for the quarter ended June 30, 2009, over the same period last year.
Source: Food Biz Daily
«« Back to ATN News
-
"Wine is about passion. Working with All Things Nice, one is always assured of passion and attention to detail in every aspect. Two thumbs up!"
- Ravi Gurnani, Director, York Winery