United Spirits, Diageo's Indian arm, has agreed to sell a production site in the eastern state of Odisha to local business Cupid Breweries & Distilleries.
In a stock exchange filing, Cupid Breweries & Distilleries said the site in Gopalpur has a production capacity of around 250,000 cases per month.
The fledgling firm described the acquisition as "a significant step in the company's growth and expansion strategy".
Cupid Breweries & Distilleries will pay United Spirits Rs225m ($2.4m). The company has already put up an advance of Rs10m under the terms of the agreement.
Just Drinks has approached Cupid Breweries & Distilleries and United Spirits for further comment.
In a stock exchange filing, Cupid Breweries & Distilleries said the site in Gopalpur has a production capacity of around 250,000 cases per month.
The fledgling firm described the acquisition as "a significant step in the company's growth and expansion strategy".
Cupid Breweries & Distilleries will pay United Spirits Rs225m ($2.4m). The company has already put up an advance of Rs10m under the terms of the agreement.
Just Drinks has approached Cupid Breweries & Distilleries and United Spirits for further comment.
3 months ago
