Molson buys 51% stake in Cobra
With this, Molson Coors sets foot into one of the emerging beer markets in Asia
June 24, 2011 | comments ( 0 ) |
The fifth largest brewer in the world, Molson Coors is buying 51% stake in Cobra India, making it a late entrant into one of the fastest growing beer markets in Asia.
The NYSE-listed company, whose brands include Coors Light, Molson Canadian and Carling is investing $35 million in Cobra India, which will be christened as Molson Coors Cobra India. Karan Bilimoria, the founder chairman of Cobra Beer, will hold the remaining 49% in the new JV. This investment includes stake-purchase and capital expenditure for expanding the company's brewery in Bihar. In 2010, Bilimoria had sold 51% in the fledgling Cobra India to New-York based private equity fund Brahma Management and Katyal family, which has brewing interests in Bihar. In a statement, Molson Coors said that it will purchase a controlling stake of Cobra India from existing shareholders and will have operational control over the company.
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