Varun Beverages Ltd, PepsiCo’s bottling partner in India, is set to enter the alcoholic beverages segment as it looks to expand beyond its core soft drinks business.<\/p>\n
The company’s board has approved the formation of a wholly owned subsidiary, KIVA Spirits and Company Ltd, to develop and market ready-to-drink alcoholic beverages and related products, subject to the necessary regulatory approvals.<\/p>\n
Following the development, shares of Varun Beverages closed 2.58% higher at Rs 438 on the BSE on Tuesday.<\/p>\n
ALSO READ |\u00a0Sugar Prices Climb By Rs 1 Per Kg To Rs 64 Amid Centre’s Efforts To Curtail Surge<\/a><\/p>\n Varun Beverages has appointed former Diageo executive Prathmesh Mishra as the chief executive officer and managing director of the proposed subsidiary.<\/p>\n The new entity will have an authorised share capital of Rs 10 crore and a paid-up equity share capital of Rs 9 crore, with Varun Beverages holding the entire stake.<\/p>\n The move marks a significant expansion for the Ravi Jaipuria-led RJ Corp group into the alcoholic beverages segment, particularly the growing premium and ready-to-drink categories.<\/p>\n Mishra brings more than three decades of experience in the beverages and consumer sector. He most recently served as managing director of Diageo’s Korea and Japan businesses.<\/p>\n Before that, he spent several years with Diageo India, including seven years as chief commercial officer, where he led the company’s commercial strategy. His earlier career also included a 14-year stint with Pernod Ricard India.<\/p>\n Varun Beverages’ diversification follows a recent agreement with PepsiCo that removed restrictions on the lines of business in which the bottler could operate.<\/p>\n ALSO READ |\u00a0Railways Orders Immediate Key Measures For Safe Drinking Water After CAG Report<\/a><\/p>\n The company has also expanded its presence in Africa through a distribution partnership with Carlsberg Breweries.<\/p>\n Separately, Varun Beverages has approved a 75:25 joint venture with Bevanda Tunisia to manufacture and distribute beverages in Tunisia.<\/p>\n The proposed venture will produce carbonated soft drinks, juices, water and dairy products, with a share capital of TND 9 million.<\/p>\n \n Essential Business<\/a> Intelligence,
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