Asgard Alcobev, the company formerly known as Banganga Paper Industries, has forayed into the alcoholic beverages business after acquiring a majority stake in Shillong-based CMJ Breweries.
The company said it has acquired a 78.9% stake in CMJ Breweries through a share purchase and share subscription agreement.
CMJ brews for Kingfisher, Carlsberg, Tuborg
CMJ Breweries is a contract brewing facility in Northeast India and operates as a franchise partner for several large beer brands. These include Kingfisher (United Breweries), Carlsberg and Tuborg (Carlsberg India), and Asia 72 beer (Mohan Meakins), among others.
A pivot from paper to alcohol
The acquisition marks a key step in Asgard Alcobev’s repositioning after it renamed itself earlier this year from Banganga Paper Industries. In January, the company said it would focus on emerging opportunities in alcoholic beverages.
It has also shifted its office from Nashik, Maharashtra, to Shillong, Meghalaya, aligning its base with its new business direction.
Company pitches deal as diversification move
Asgard Alcobev said the acquisition fits into its long-term strategy of diversification and value creation. By entering alcoholic beverages through a majority stake in CMJ Breweries, it said it is moving into a high-demand and scalable industry with long-term growth potential.