The Hindu Business Line : Cobra Beer arm seeks FIPB nod for change in status

New Delhi, April 25 Cobra Indian Beer Pvt Ltd has sought Foreign Investment Promotion Board’s (FIPB) approval for acquiring the status of a foreign-owned Indian holding-cum-operating company and to undertake downstream investments.

The company is a wholly owned subsidiary of Cobra Beer Ltd, UK. At present, Cobra Beer holds 99.99 per cent stake, with other Indian resident shareholders holding the balance.

“Cobra Indian Beer proposes to acquire the status of foreign-owned Indian holding-cum-operating company; and to acquire up to 76 per cent of the paid-up share capital of Iceberg Industries Ltd,” sources said.

When contacted, Ms Poonam Chandel, Managing Director, Cobra Indian Beer, said, “As a part of the overall India market strategy, Cobra Beer is evaluating a series of alliances, acquisitions and partnerships. As a part of the overall discussion with various players we have sought various clearances from the Government on a presumptive basis. Such applications are a part of the ground work for discussions and do not indicate any specific agreement, commitment or understanding for acquisition, alliance or partnership.”

Acquisitions

Last month, Mr Karan Billimoria, founder-owner, Cobra Beer, had told Business Line that the company was scouting for acquisitions.

It had also earmarked $80 million for expansions which includes adding two new breweries to its portfolio.

The company is looking at selling 20 million cases annually by 2012. It currently has seven breweries in India in Goa, Bihar, Orissa, Madhya Pradesh, Uttar Pradesh, Rajasthan and Maharashtra. It is adding two new breweries in Karnataka and Andhra Pradesh.

The beer major, with a global turnover of $400 million, had said India is high on its radar for all future expansions.

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