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United Breweries Ltd has received board approval to acquire the brewery assets of Pacific Spirits Pvt Ltd for ₹105 crore, subject to due diligence and necessary approvals.
The brewery assets include land, building, plant and equipment. Pacific Spirits has its brewery located at Shahjahanpur, Alwar district in Rajasthan, the company said in a filing with the Bombay Stock Exchange.
The parties are in the process of completing various formalities for issue of statutory licences and permissions, it added.
Shares in United Breweries were up 1.22 per cent at ₹782.45 on a steady BSE, which was trading up 0.05 per cent on Wednesday.
Q4 net surges over 11-fold to ₹68 cr
PTI adds: Vijay Mallya-led United Breweries today reported an over 11-fold rise in net profit to ₹67.71 crore for the quarter ended March 31.
The company had reported a net profit of ₹5.85 crore during the same period of previous fiscal.
The company’s net sales rose to ₹973.9 crore for the fourth quarter as compared to ₹931.92 crore in the same period of the previous fiscal, United Breweries Ltd said in a filing to the BSE.
For the year ended March 31, 2014, the company reported a consolidated net profit of ₹226.02 crore, against ₹172.11 crore in the previous fiscal.
Consolidated net sales rose to ₹3,787.6 crore for the year as compared to ₹3,578.99 crore in the 2012-13 fiscal.
“The fourth quarter performance was in line with expectations and similar to that in the previous quarter,” the company said.
The positive development in revenue has been partly driven by price increases and partly through optimisation of sales mix, it added.
In order to augment brewing capacities in Rajasthan, the company’s board has approved acquiring the brewery assets — land, building, plant, equipment — of Pacific Spirits, the company said. The brewery is located at Shahjahanpur in Rajasthan.
The acquisition is subject to due diligence and securing necessary approvals, it added.
“The parties are in the process of completing various formalities for issue of statutory licences, permissions in the name of United Breweries Ltd and upon receipt of necessary approvals and completion of due diligence, requisite documents for sale of brewery assets shall be registered,” it said.
The company’s board has also recommended payment of a dividend of Re 0.90 per equity share of Re 1 each for the fiscal ended March 31, 2014 and has also approved payment of 3 per cent dividend on cumulative redeemable preference shares to Scottish & Newcastle India Ltd.
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