The alcoholic beverage maker seeks sustainable long-term profitable growth by pruning some of its low-margin products.
United Spirits Limited, the Indian arm of Diageo, and Inbrew have executed definitive agreements for the sale of the entire business undertaking associated with 32 brands, including iconic brands Haywards, Old Tavern, White-Mischief, Honey Bee, Green Label and Romanov, for a total cash consideration of approximately $106 million.
In addition, the two have entered into a five-year franchise arrangement for 11 other United Spirits brands
The acquisition of these iconic brands provides Inbrew with a unique platform to extend its ambition of becoming India’s trusted household beverage company, going beyond its current beer focus.
The transaction is expected to be completed by the end of the quarter through September 30.