Mumbai: India's second largest brewer SABMiller is all set to acquire Australian beer manufacturer Foster's India operations, for a cash consideration of $ 120 million.
The company said it has entered into an agreement with the Foster's group subject to regulatory and other necessary approvals.
As per the agreement SABMiller will assume ownership of all Foster's assets in India including the Foster's brand in the territory.
"The company produces, distributes and supports Foster’s Lager, Amberro Mild and Amberro Strong beer brands in the Indian market. In the year ended 30 June 2006, total beer sales were 2,36,000 hectolitres with Foster’s Lager representing 88 per cent of total production and sales," said the release.
India is the third largest market for the Foster’s brand globally. It has a presence in 19 Indian states and has a substantial share of the mild beer segment in the strategic state of Maharashtra.
SABMiller's brands include premium international beers such as Miller Genuine Draft, Peroni Nastro Azzurro and Pilsner Urquell.
Outside the USA, SABMiller plc is also one of the largest bottlers of Coca-Cola products in the world. In the year ended 31 March 2006, the group reported $2,626 million adjusted pre-tax profit and a turnover of $15,307 million.
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