New Delhi: UK-based Cobra Beer seeks to acquiring three more breweries in India in the current year, and has earmarked $100 million for expansion in the country. A major portion of this would be spent on acquisitions.
“We are looking at buying three more breweries in India to help us achieve a target of 20 million cases by 2012,” Cobra Beer chairman Karan Billimoria told PTI.
“Talks are in the advanced stage with local brewers for acquisition and in the next three months, we may be able to complete the whole process,” he added.
The company has also prepared the plans for greenfield plants in case it is not able to acquire these breweries.
Cobra Beer would also add to its range from the current offerings of two products, King Cobra and normal Cobra.
The company will also introduce cane-beer in the next two months and diet and flavoured beer by the end of current year.
Cobra would manufacture these cane beers in its Som Brewery located in Madhya Pradesh and Bihar-based Iceberg brewery, which the company has recently acquired. Besides this, it is also looking for the listing its subsidiary in the country.
“We plan to tap capital market and are want looking both in India and in the UK,” Billimoria said.
Cobra Beer is also in the process of revamping its UK business as it plans to shift its manufacturing to UK from Poland which allows it save $10 million in two years’ time.