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Varun Beverages on Thursday said it has increased its stake in Varun Beverages (Zambia) Ltd to 90 per cent from 60 per cent, as it has confidence in the growth prospects of the subsidiary in a fast-growing emerging market. The company did not provide any further financial details. The Gurugram-based bottler has been running operations in Zambia since last year, with the company’s earnings before interest, taxes, depreciation and amortisation for 2016 at ₹46.7 crore. The company’s sales volume was 1.07 crore cases in 2016, the company said in an exchange filing. Shares of Varun Beverages ended up 0.6 per cent at ₹390.85 on the NSE.
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