HospitalityBiz India
Hotels FoodService Operations Ministry Associations Equipment Editorial HR Technology Technology Advisory Board Community
Follow us on Facebook Follow us on Twitter instagram
    Home > NewsTrack
NEWSTRACK

Heineken Takes Control Of Kingfisher Beer Maker United Breweries

Friday, June 25, 2021, 14:09 Hrs  [IST]

Heineken NV, the world's second largest beer maker, has taken control of the country's largest brewer United Breweries Limited (UBL), cementing its position in a vast market where beer consumption could grow from a low base. The Dutch brewer said on Wednesday it had it had bought 3.96 crore shares in UBL to push its holding to 61.5 per cent from 46.5 per cent before. Based on Tuesday's close at Rs 1,466, the acquisition would be worth Rs 5,810 crore. UBL is the maker of the country's top-selling Kingfisher lager and was owned by businessman Vijay Mallya, who India want to extradite from Britain over $1.4 billion of loans taken out from banks which authorities argue he had no intention of repaying. The banks took possession of the stake and Competition Commission approved Heineken's proposed acquisition of additional equity on Monday. Heineken has steadily been building its stake in UBL since taking an initial 37.5 per cent through its 2008 acquisition of Scottish & Newcastle. Brokers Jefferies said India, accounting for 18 per cent of the global population but only about 1 per cent of world beer volumes, represented a long-term growth opportunity. Traditional drivers of beer expansion, a young population and economic growth, were in place, but high excise duty meant affordability was an issue. A narrowing of the gap between tax on beer and on spirits, Jefferies said, would give significant potential for the market to grow from current annual beer consumption of 1.6 litres per capita towards the global average of 24.4 litres.

 
Print News Email News Back
Bookmark to Add to NewsvineNewsvine Bookmark with del.icio.usdel.icio.us Digg ItDigg
Add RSS to Add to Google Add to My Yahoo! Subscribe with Bloglines Subscribe
 POST A COMMENT
* Name :    
* Email :    
* Message :  
   
RELATED NEWS
»  Mistakes one should avoid while setting up a beer brand in India
»  Mistakes one should avoid while setting up a beer brand in India
»  Welspun Corp Limited bags its single largest order worth INR 5000+ crore from The United States of America
»  Himanshu Sharma takes over as the Multi Property Director of Sales and Marketing for The Westin Gurgaon, New Delhi & The Westin Sohna Resort and Spa
»  Chef Prasad Metrani takes over as The Director of Culinary at Conrad Bengaluru
»  Bira 91 targets to be India’s First Net Zero Beer Company by 2025
»  Rajneesh Kumar takes over as the General Manager of the soon to launch Courtyard by Marriott Faridabad, Aravalli Resort
»  Avanish Chaturvedi takes over as the Asst. Food & Beverage Manager at Hyatt Regency, Chennai
»  Rajeev Sharma takes over as the GM of U Rivergate Karjat
»  Parnika Bhasin Pande takes over as Head - Signum Hotel Academy
»  Mercure Chennai Sriperumbudur introduces ‘Beer and Kebabs Festival’
»  Malini Menon takes over as General Manager - Sales & Marketing (South India) for The Fern Hotels & Resorts
»  Loan default by parent firm, Yes Bank takes possession of Hyatt Regency building
»  The City of Joy witnesses the launch of its newest ‘Beer & Dine’ spot – Ølterra
»  Wild Turkey Takes Flight in India with Wild Turkey 81 Debut2 messages
»  Kabir Suri takes over as the New President of National Restaurant Association of India (NRAI)
»  ‘We plan to penetrate Australia, Canada, United States, and the UK markets’: Eshwar K Vikas, CEO & Co-founder, Mukunda Foods
»  Hopshaus celebrates Beer Day
»  New Tourism Minister G Kishan Reddy takes charge at Shastri Bhavan
»  Heineken Takes Control Of Kingfisher Beer Maker United Breweries
 
CoverStory
Analysis
 
  The Indian Institute of Architects (IIA) Natcon 2020 virtual event concludes successfully
  Winners of The Park Elle Décor Student Contest felicitated at Indian Design ID 2020
 
weekly
Receive the best of Hospitality content in your mailbox.
Weekly e-Newsletter
Events Calendar




Events
 
 
people
interview
newappoint
expert
© Copyright 2016 Saffron Synergies Pvt Ltd
HOME   |   ABOUT US   |   CONTACT US   |   FEEDBACK   |   DISCLAIMER   |   SITE MAP   |   ARCHIVES