| Brewing giant SABMiller Plc. is open to buying more businesses in India and will invest $100 million a year there despite annoying regulatory obstacles to growth, its chief executive, Graham Mackay said on Tuesday.
SABMiller, the world's second biggest brewer with brands including Miller Lite, Castle and Peroni, bought the Indian business of Australia's Foster's Group Ltd., including the Foster's brand, for $120 million in August. It now has about a third of the Indian beer market, where it also produces beer under the Royal Challenge and Knock Out labels. It entered India in 2000 when it bought Narang Breweries in Uttar Pradesh.
We have invested about $500 million in the country and are looking at current and expected growth rates. We are looking at a fixed investment of around $100 million a year," he said, according to ndtvprofit.com. "There are some privately held businesses which may become available," he added.
Beer, whisky and rum together make up about 45 percent of India's 80-billion-rupee ($1.8 billion) spirits market, with wine and beer growing at a faster pace than spirits, as they are favoured by young people and women who are new to drinking. Young consumers are important, since more than half of India's billion-plus population is less than 25 years old. |
