Carlsberg to take control of India business, eyes expansion
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COPENHAGEN, Aug 2 (Reuters) -Carlsberg CARLb.CO has agreed to take full control of its business in India and Nepal, the Danish brewer said on Friday.
The group will buy a 33.33% stake in Carlsberg South Asia (CSAPL) from partner CSAPL (Singapore) Holdings as well as other stakes in underlying companies for a total of $744 million, it said.
The deal is expected to be completed in the fourth quarter of this year, after which Carlsberg will own 100% of the business in India and 99.94% 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% of the Indian beer market.
Reporting by Louise Breusch Rasmussen; editing by Terje Solsvik and Jason Neely
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