Lion Brewery, makers of Lion and Carlsberg beers, said this week it was selling its stake in Carlberg’s South Asia unit in India because it wanted to free the company of debt and to ‘maintain focus on its current market position’ as a top priority. The development came as Cargills, new owners of 3 Coins beer, this week began releasing stocks in the market in the Western Province to be followed by other provinces later.
Cargills, officials at the company said, acquired the brand in February this year in a Rs 1.4 billion deal and has been enhancing capacity at the production facility before returning to the market. 3 Coins has been off the shelves for several months.
The Carsons-controlled brewery said the company needed to make significant investments in the local operation. “With the sale of this investment, Lion Brewery will be free of debt thereby strengthening the company and positioning it strongly to invest in the future development and growth and face future challenges in the industry,” it said. |
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