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Varun Beverages to foray into alcohol biz, set up subsidiary

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Varun Beverages to foray into alcohol biz, set up subsidiary

Varun Beverages is entering the alcohol business by incorporating a new subsidiary. The company has appointed Prathmesh Mishra as the chief executive officer. This new entity will focus on ready-to-drink alcoholic beverages and allied products. Varun Beverages will also establish a joint venture company in Tunisia. This diversification follows recent agreements allowing expansion into other drink businesses.

New Delhi: Varun Beverages (VBL), PepsiCo 's second-largest bottler globally, is set to enter the alcohol business , and has named former Diageo executive Prathmesh Mishra as chief executive officer and managing director of its proposed new subsidiary. VBL will "incorporate a wholly-owned subsidiary company in India for ready-to-drink (RTD) alcoholic beverages and allied products, subject to requisite approvals," the company owned by Ravi Jaipuria 's RJ Corp said in a stock exchange filing on Tuesday. ET first reported in its July 25 edition that RJ Corp has tapped Mishra to steer the group's foray in alcoholic drinks. The company board has approved incorporation of the proposed entity, KIVA Spirits and Company, "with an authorised share capital of ₹10 crore and a paid-up equity share capital of ₹9 crore, with Varun Beverages holding the entire stake," the filing noted. Advt

VBL will also incorporate a joint venture company in Tunisia for the production and distribution of beverages including carbonated soft drinks, juices, water and dairy, subject to receipt of applicable requisite approvals. The venture, to be named Varun Beverages Tunisia SA or another name approved by regulators, will be owned 75% by VBL and 25% by Bevanda Tunisia.


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