Asgard Alcobev Expands Reach with CMJ Breweries Acquisition

Asgard Alcobev, previously Banganga Paper Industries, has acquired a 78.9% stake in CMJ Breweries, making it a subsidiary. The acquisition supports the company's strategy to diversify into the alcoholic beverage sector, capitalizing on growth opportunities. This move follows the company's recent rebranding and relocation efforts.

Asgard Alcobev, formerly known as Banganga Paper Industries, has strategically acquired a 78.9 percent equity stake in CMJ Breweries, a prominent contract brewing facility in Northeast India. This acquisition makes CMJ Breweries a subsidiary of Asgard Alcobev Ltd, signaling the company's expansion into the lucrative alcoholic beverages sector.

CMJ Breweries, based in Shillong, is a franchise partner of major brewing brands like Kingfisher, Carlsberg, and Tuborg, positioning Asgard Alcobev at the forefront of a booming industry. The move is part of Asgard Alcobev's long-term strategy to diversify and create sustainable value through investments in high-demand, scalable markets.

In January, Asgard Alcobev rebranded from Banganga Paper Industries to reflect its renewed focus on the alcoholic beverages market. The company has also relocated its office from Nashik, Maharashtra, to Shillong, Meghalaya, aligning its operations with emerging opportunities in the region.