BeerMarket Beer Market India

September2009

ExecutiveSummary
IndianbeermarketisvaluedatINR35bnwithvolumesalesof172mncasesforFY200809 Themarketisexpectedtogrowatanannualrateof17.2%till2011 ForeignbrewersareeyeingtheIndianbeermarketwhichislargelyuntappedandhasgrowth potential t ti l Drivers: Hugemarketpotential Rising income levels Risingincomelevels Entryofinternationalbrands Challenges: RegulatoryEnvironment High tax structure Hightaxstructure

Market

Drivers& Challenges

Trends

Withcurrentduopolysituationandentryofforeignplayers,beerindustryinIndiawillquickly witnessconsolidation witness consolidation Premiumbeersegmentisoutpacingthemainstreambeermarkettouchingagrowthrateof between4050% EmergingnewsubcategoriesofbeerwithconsumersinIndiaopenforexperimenting Growingdemandforbarleyandevolvingcontractfarming Growing demand for barley and evolving contract farming Morethan80%ofthemarketiscontrolledbytwomajorplayersUnitedBreweriesLimited(48%) andSABMillerIndia(35%) WithInBevacquiringAnheuserBusch,ithaspotentialtoemergeasthethirdmajorplayer Themarketissettoflourishwith15newbreweriesand10internationalbrandsinnext3years

Competition

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MarketOverview Drivers & Challenges Drivers&Challenges CharacteristicsandTrends Competition KeyDevelopments

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Indianconsumerspreferstronglagerswhichhashigher alcoholiccontent
Categoriesofbeer
Lager Ale Stout MildBeer Bitter DarkBeer FruitBeer WheatBeer (Weizen) Brewedusingbottomfermentingyeastthatfermentsslowlyatalowtemperaturetocreatea smoother,mellowbeer h ll b Usestopfermentingyeast,isamorearomaticandfruityproduct Darkandheavy,withroastedunmaltedbarleyand,oftencaramelmaltorsugar Developedasasweeterandcheaperalternativetodarkales Highlyhoppedforamoredryandaromaticbeer.Itispaleincolourbutstrong Barleyiskilnedforalongperiodoftimewhichcreatesricherflavours Fruit,usuallyberries,isaddedeitherduringprimaryfermentationorlater MaltedwheatandbarleyareusedforthisGermanstylebeer

IndianbeermarketisdominatedbyLageranditsvariousshades y g

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Withtheglobalbeermarketbecomingstagnant,the internationalfirmsarefocusingonuntappedIndianmarket
MarketOverview
Indianbeermarkethaswitnessedasteadygrowthof 10%overadecade India is currently among top three markets in Asia in IndiaiscurrentlyamongtopthreemarketsinAsiain termsofexpectedgrowthrates Thereare56unitsmanufacturingbeerinIndiaunder licensefromtheGovernment Themarketissettoflourishwith15newbreweries and10internationalbrandsinthenext3years ForeignbrewersareeyeingtheIndianbeermarket whichislargelyuntappedandhasgrowthpotential

Marketsize&growth
INR bn
50 40 30 20 10 0 30 35

+17%
41

48

2008

2009

2010e

2011e

Growthinpercapitabeerconsumption
Population (mn) 1.200 900 600 300 0,5 0,0 2000 2005 2010 1.013 1.097 Consumption (litres) 1.163 1,5

Segmentshare(volume wise,2009)
172mncases
Mild beer

1,0 10

26%

74% Strong beer

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SouthernregionisthebiggestmarketforbeerinIndia
GeographicOverview
AndhraPradeshandMaharashtratogether accountfor40%ofthebeersalesinIndia Karnataka,TamilNadu,Rajasthan,Delhi, Kerala,andUttarPradeshaccountforother 40%andrestofstatesaccountfor20% Excisedutyvariesfromstatetostateand everystateimposesadditionaltaxesandlevies Movementofbeerisrestrictedfromonestate toother,anexportandimportlicenseis to other an export and import license is required TamilNadudoesnotallowsaleofalcohol manufacturedinotherstates Playershavetobuildseparatestrategiesfor eachstateandbuildmultiplemanufacturing capabilitiesacrossIndia

Regionwisemarketshare
West Others Central North East 7% 21% 5% 3% North (incl Delhi) 18%

46% South

Top5statesinbeersales AndhraPradesh Maharashtra TamilNadu Karnataka Rajasthan

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MarketOverview Drivers & Challenges Drivers&Challenges CharacteristicsandTrends Competition KeyDevelopments

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Drivers&Challenges Summary

Challenges Drivers
Hugemarketpotential Entryofinternationalbrands Risingincomelevels RegulatoryEnvironment Regulatory Environment Hightaxstructure

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Youngpopulationandlowpercapitaconsumptionwill boostthebeersalesinIndia
Hugemarketpotential
ThepopulationandcurrentconsumptiontrendsareexpectedtoboostthebeersalesinIndia Nearly28%ofIndianpopulationliveinurbanareaswhichcomesclosetothepopulationofUSA
Urbanizationishappeningataveryfastpaceandabout40%ofthetotalpopulationisexpectedtolivein urbanareasby2020

Impact

PeopleinIndiaarerelativelyyoungerwhencomparedwithglobalaverage
About50%oftheIndianpopulationwouldbeunder30yearsevenin2015

Indian per capita beer consumption is very low compared to global average Indianpercapitabeerconsumptionisverylowcomparedtoglobalaverage InthetotalalcoholmarketinIndia,beercontributesonly4%ofrevenue Thelowpenetrationinbeerconsumptionprovidesasubstantialandsustainablegrowthin demandforbeerinfuture ComparisonofPerCapitaBeerConsumption C i f P C i B C i
Litres
80 60 40 20 1.2 0 25.0 80.0 74.0

22.1

US

Europe

China

Global Average

India

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BeerconsumptioninIndiaisexpectedtogrowwithrising incomelevels
Risingincomelevels
Indiaisoneofthemostattractiveconsumermarketsintheworldwithaboutonesixthofthe globalpopulation TherisingincomelevelshasadirectpositiveimpactonbeersalesinIndia Also,urbanconsumerswhoaremoreexposedtothewesternculturesocializewithbeer Thegrowingincomelevelsparticularlyintheurbanearningclassisapotentialmarketforbeer manufacturersinIndia
Perhouseholdannual income(INR000)
3% 12% 34%

Impact

TotalNo.ofHousehold(mn)
281 207 5% 1% 1% 44% 244 2% 1% 23%

AggregateAnnualDisposable Income(INRtn)
90 24% 23% 44 15% 24 13% 49% 23% 2005 9% 7% 34% 33% 9% 2015 9%

Coretarget consumer consumer groups Globals Strivers >1000 5001000

43% 33%

Seekers 200500 Aspirers 90200 Deprived <90

34% 15% 3% 2025

49%

30% 2015

18% 2025

2005

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EvolvingbeermarketinIndiaisattractingmanymajor internationalbrands
EntryofInternationalbrands
Indiaiswidelyacknowledgedasanuntappedbeermarketwithhugegrowthpotential ManyforeignbeermanufacturershaveenteredorplantoentertheIndianbeermarketwith theirproductline Themarketissettoflourishwith15newbreweriesand10internationalbrandsinthenext3 years WiththeglobalmarketsexperiencingloworstagnatinggrowthandfocusshiftingtoIndia,the Indianindustryisexpectedtowitnessfastgrowthinthecomingyears I di i d t i t d t it f t th i th i InternationalPlayers Carlsberg AnheuserBuschInBev AsiaPacificBreweries Brands Carlsberg,Tuborg,Palone Budweiser,StellaArtois,Becks,Hoegaarden,Leffe Tiger,Cannon10000,Barons

Impact

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Highlyregulatedenvironmentisamajorchallengefacedby thenewplayersenteringIndianmarket
Regulatoryenvironment
TheIndianbrewingindustryoperatesinahighlyregulatedenvironmentandbeeriscategorized withotheralcoholicproductsforlicensingandtaxationpurposes MovementofbeeramongstatesinIndiarequiresanexportandanimportlicense Exportfeesisimposedinthestatewherebeerismanufacturedandimportfeesonthestate whereitissold FewstateslikeTamilnaduhavestrictrulesofsellingonlybeermanufacturedwithinthestate Therearemanyotherrestrictionsonadvertising,distributioninfrastructureandretailing,varied taxstructures,controlledpricingandlicensing TheretaildistributionchannelsarenotcompletelyopenforsellingbeerinIndia Regulationsarestiffwithrespecttosellingbeerthroughmodernretailchainswhereasinmost developednationsbeerandwineisavailableingroceryorretailstores d l d ti b d i i il bl i t il t DistributionchannelofbeerinChinaisoneoutletforevery300persons.Whereasitisone outletforevery21,000personsinIndia,thushinderingtheeaseofaccessibilityofbeer

Impact

RegulatoryEnvironment

Leadsto

Morecomplexityinoperations Highercosts Entrybarriersfornewentrants

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MinoritypreferenceforbeerinIndiaandhightaxstructure arethemajorchallengesforIndianbeerindustry
Hightaxstructure
Oneofthereasonsforthelowpreferenceforbeerishightaxesimposedonbeerconsumption Onabsolutealcoholbasis,beeristaxedhigherthanspiritsinmostofthestatesinIndia Thereareabout26differentalcoholspecifictaxesthatconstitute50%oftheconsumerprice whichisamongthehighestintheworld InIndia,beertaxesareleviedbyindividualstatesandtaxesarealsopaidbetweenstates
TaxonBeer(basevalue:taxonhardliquor) -50 -40 -30 -20 -10 0 10 20 30 40 50 60 % India 50% Global Tax on hard liquor 60%

Impact

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MarketOverview Drivers & Challenges Drivers&Challenges CharacteristicsandTrends Competition KeyDevelopments

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CharacteristicsandTrends Summary

Riseinbarleypricesand emergenceofcontractfarming

Increaseinmergerand acquisitionactivity

Characteristics andTrends

Newformsofbeerbeing introducedinmarket

Premiumbeermarketoutpacing mainstreambeermarket

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Playersaregrowinginorganicallythroughjointventuresand acquisitions
TheentryofforeignplayerswillexpeditetheconsolidationofbeermarketinIndia Settingupagreenfieldbrewerytakesabout1824months,thuscompaniesarelookingatjointventuresoracquisitions

Date 04Aug09 02 Dec 08 02Dec08 19Jan08 14Sep07 28Feb07 Date 02Feb09 25Jan08

DealType Acquisition Merger Acquisition Acquisition Acquisition DealType

Targetcompany RhinoBreweries BalajiDistilleries Balaji Distilleries IcebergIndustriesLtd ParagBreweries CrownBeersLtd Targetcompany Kyndal Lucal BolsJV B l JV UBGroup

Stake(%) 100% 100% 76% 52% 50% Stake(%) NA 37.49%

Buyer YuksomBreweries,India UnitedSpiritsLtd,India United Spirits Ltd, India CobraBeer,India Carlsberg,Denmark AnheuserBuschInternational,USA Buyer LucalBolsDistilleries NV,Netherlands NV N th l d Carlsberg,Denmark; Heineken, Netherlands Seller KyndalIndia PvtLtd P t Ltd

Value(USDmn) 8.38 83.20 NA 8.14 NA Value(USDmn) 1.02

Minoritystake purchase h Minoritystake purchase

Scottish& 1530.00 NewcastlePlc (S&N)

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Premiumbeersegmentisoutpacingthemainstreambeer markettouchingagrowthrateofbetween4050%
Overview
TheIndianbeerindustryismovingtowardspremium categoryofbeer Lifestylechangesandincreasingwesternculturein Indiaaresomeofthefactorsdrivingthepremium segment Manydomesticandforeignpremiumbrandsare findingtheinterestsofyoungurbanworkingclass finding the interests of young urban working class Premiumbeersarepricedabout30%higherthan regularbrands

Marketshareofpremiumbeer(volume)
Premium Beer 5%

95% Mainstream Beer

PremiumbrandsinIndianbeermarket
UnitedBreweries Limited SABMillerIndia SABMiller India OtherPremium Brands KingfisherPremium,UBPremium Ice,KalyaniBlackLabelPremium Fosters,Peroni,RoyalChallenge Fosters Peroni Royal Challenge Cobra5.0%Premium,Budweiser, Carlsberg,StellaArtois,Tiger, Becks

Growthrateofpremiumbeer
0 10 20 30 40 50

% Premium beer Mainstream beer

40

50

15

20

Minimum Maximum

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Newsubcategoriesofbeerareemergingasconsumersin Indiaarenowopentoexperimentation
WithIndianconsumersopentoexperimentation,manymultinationalfirmsareintroducingalcoholfreeandflavoured beersinthemarket Craftbeers,whichareavailableinuniqueflavours,isexpectedtopenetratethelagerdominatedIndianbeerindustry
Craft beers are expected to attract women consumers and these new sub categories are estimated to cut 25 30% of market share of Craftbeersareexpectedtoattractwomenconsumersandthesenewsubcategoriesareestimatedtocut2530%ofmarketshareof regularlagers

CobraBeer C b B

CobrabeerisbullishonalcoholfreebeerandflavoredbeerinIndia.Ithasrolledout: C b Li ht L CobraLight: Lowcaloriesandlowcarbohydrates;CobraZero%: Al h l f l i dl b h d t C b Z % Alcoholfree;CobraBite: C b Bit Flavoredbeer(Includes Lemongrass,BloodOrange,SweetLimeandFreshGingerflavours) TheUBgroupalsoseesanopportunityfornewbeersubcategoriesandsegmentsinIndia The company plans to cater to different consumer segments in the industry and will launch Thecompanyplanstocatertodifferentconsumersegmentsintheindustryandwilllaunch threenewvarietiesofbeerincludingfruitflavoredandlowalcoholbrands

UnitedBreweries United Breweries

Dalmia Continental l

DalmiaContinentalPvt.Ltd.istheexclusiveimporteranddistributorofClausthaler,anon alcoholicbeerfromGermanbasedRadebergerGroup

Hema Connoisseur C i

HemaConnoisseurCollection,hasintroducedaGermanpremiumwheatbeerErdinger WeissbierinIndia

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Growingdemandforbarleyandevolvingcontractfarming
Barleyaccountsforonesixthofthecostofmakingbeer Increaseindomesticconsumptionandexportdemandhaspushedthebarleypricesupby20%fromJan08 June08 Increaseinbarleypriceshasletto10%increaseincostofbeer TheproteincontentinbarleycropinIndiais1315%comparedto710%indevelopednations ThehighproteincontentinIndianbarleyisnotsuitableformakingbeer Rajasthanisanidealplacewherebarleycanbegrownundersuitableclimaticconditionsforhavinglowerprotein contentrequiredbythebeerindustry
SABMillerIndiaisencouragingfarmersinRajasthantocultivateatypeofmaltbarleyrequiredbytheindustry ThecompanylaunchedaprogrammecalledSaanjiUnnatiforeducatingfarmerstosowtherighttypeofcertifiedseedsandpractices

Indiasbarleycropconsumptionbreakup
Beer and Malt Firms 25%

Growthinbarleyprices(2008)
Price per 100 Kg
1,500 1,200 900 600 300 0 900

+20%
1,200 1,300

75% Fed to Animals

Jan 08 Jan-08

May 08 May-08

Jun 08 Jun-08

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MarketOverview Drivers & Challenges Drivers&Challenges CharacteristicsandTrends Competition KeyDevelopments

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Indianbeermarketpresentsahugegrowthpotentialin termsofvolume,categoriesandvariants
Competition
TheIndianbeermarketisdominatedbytwoplayers controllingmorethan80%ofthemarket Strongbeerispredictedtogrowfasterasitis perceivedtooffervalueformoneyalternativeto spirits WithInBevacquiringAnheuserBusch,ithas potentialtoemergeasthethirdmajorplayerinthe potential to emerge as the third major player in the Indianbeermarket ThefutureofbeermarketinIndialookspositivewith theentryofmanyinternationalplayers Beersaleswillincreasealongwithincreasingnumber Beer sales will increase along with increasing number ofbrandsandsubcategoriesinIndia ExistingplayerslikeUBLandSABMillerareplanning toexpandtheirrangeofproducts p y g g g NewplayerslikeABInBev,Carlsbergarebringing theirinternationallyrenownedbrandstoIndia Themarketissettoflourishwith15newbreweries and10internationalbrandsinthenext3years

Marketshare(2009)
Others 17%

48% UBL 35% SabMiller India

MarketShare(segmentwise)
6% 30% 40% 23%

30% SabMiller India

70%

Strong

UBL Others

Mild

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MajorPlayers(1/5)
CompanySnapshot:UnitedBreweriesLtd
BusinessHighlights
Brands: KingfisherPremium,KingfisherStrong,UBExportLager,LondonPilsner,UBPremiumIce,KalyaniBlackLabel Premium JointVenture: 50:50JVwithScottish&NewcastleoftheUKinMillenniumAlcobevPvtLtd.,(MABL);MABLbrands include:SandPiperLager,ZingaroStrongBeer,KalyaniBlackLabelStrong Fi Financials: (FY 2008 09) Th i l (FY200809)ThecompanyreportedanetturnoverofINR17475.7mnandprofitaftertaxofINR624.9mn t d tt f INR 17475 7 d fit ft t f INR 624 9

BusinessStrategy
UBL h UBLhasamanufacturingnetworkof22breweriesacrossIndia f t i t k f 22 b i I di Thecompanyenjoysamarketshareof48%intheindustryandplanstoexpanditssharefurther KingfisherStrongisthesinglelargestsellingbeerbrandinIndia,whileKingfisherPremiumcontinuedtooutperformin itscategory UBL l UBLplanstosetuptwonewgreenfieldbreweriesatMallepallyinAndhraPradeshandNanjangudinKarnatakain t t t fi ld b i t M ll ll i A dh P d h d N j di K t k i ordertosupporttherevenuegrowth

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MajorPlayers(2/5)
CompanySnapshot:SABMillerIndia
BusinessHighlights
Brands:Haywards5000,Haywards2000,HaywardsBlack,Fosters,IndusPride,Peroni,RoyalChallenge,KnockOut SABMillerIndiaisasubsidiaryofSABMillerPLCregisteredinIndiaasSKOLBreweriesLimited Financials: (FY200708)ThecompanyreportedanetturnoverofINR10860mnandprofitaftertaxofINR344mn

BusinessStrategy
SABMill h 10 b SABMillerhas10brewerieslocatedstrategicallyacrossIndiatoservethebeermarketsefficiently i l t d t t i ll I di t th b k t ffi i tl Thecompanyhasamarketshareof35%andstandsinthesecondposition ThecompanyhasinvestedaboutINR1250mninthepasttwoyearsforupgradingthebreweriestoglobalstandards SABMillerhasleverageditsglobalexpertiseinpackaging,pricing,occasionandproductgapswhichwereimproved basedonconsumerinsights b d i i ht SABMillerplanstobringtheiconicDutchpremiumbeerGrolschtoIndia.SABMillerPlchasacquiredthebrandforUSD 1.2bnin2007

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MajorPlayers(3/5)
CompanySnapshot:AsiaPacificBreweriesLtd(APB)
BusinessHighlights
Brands:Tiger,Cannon10000,BaronsStrongBrew JointVentures APBAurangabadLtd: 76:24JVwithVijayChougleforabreweryof5mncasescapacity APB PearlPvtLtd: 67:33JVwithCKJaipuriaforabreweryof6 mncasescapacity

BusinessStrategy
APB l APBplanstoacquireabreweryinRajasthantoexpandtoNorthIndia,italsoplanstoestablishpresenceinHaryana t i b i R j th t d t N th I di it l l t t bli h i H andPunjab By2010,APBplanstoreachacapacityof20mncasesofbeerperannum APBlaunchedTigerandCannon10000brandsinWestBengalandplanstolaunchBaronssoon Th Thecompanyislookingformergers,acquisitions,contractpackagingtieupswithothercompaniestoexpandits i l ki f i iti t t k i ti ith th i t d it presenceinIndia

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MajorPlayers(4/5)
CompanySnapshot:CobraBeerIndiaPvtLtd
BusinessHighlights
Brands:Cobra5.0%Premium,KingCobra,CobraLight,CobraZero% CobraBeerIndiaPvtLtdoperatesasawhollyownedsubsidiaryofCobraBeerLtd CobraBeerIndiaissaidtobeindependentaftertheJointventureofCobraBeerwithUKbasedMolsonCoors

BusinessStrategy
C b b Cobrabeerhasfourlicensingagreementswith: h f li i t ith MountShivalikgroupofRajasthan ImpalaBreweriesinGoa ManavBreweriesinUttarPradesh IcebergBreweriesinBihar CobrabeerfindshugepotentialfordietandfruitbeersinIndia.ItsflavoredbeerbrandCobraBiteincludesnaturalfruit extractsandisavailableinsweetlime,appleandlemongrassflavors

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MajorPlayers(5/5)
CompanySnapshot:InBevIndia
BusinessHighlights
Brands:TennentsSuper,Becks,StellaArtois,Hoegaarden,Leffe AnheuserBusch(AB)wasacquiredbyInBevin2008andformedABInBevIndia;currentlyoperatesusingtradingname InBevIndia InBevoperatesinIndiathrougha49:51jointventurewithsoftdrinkbottlerRKJGroup ABstartedoperationsinIndiathrougha50:50jointventurewithCrownBeersInternationalinitiallybutlaterAB purchasedtheremainingownershipfromCrownBeerIndiaLtd

BusinessStrategy
InBevIndiahasaproductioncapacityof1.9mncasesayearthroughtwocontractbreweringarrangements: RegentBreweriesinMadhyaPradesh DasappaandSonsBangalore p y g y g p y; InBevplanstointroduceTennentsbrandinNorthIndiaeitherbyfindingacontractbrewerorbysettingupabrewery; tookmanagementcontrolofKoolBreweryinJuly2008 ABInBevIndialaunchesBudweiserbeerinNorthIndiainAugust2009.IthasreceivedagoodresponseintheSouthern statesandMaharashtra Thecompanyexpectstocross2.9mncasesinsalesofBudweiserbeerbyDecember2009

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MarketOverview Drivers & Challenges Drivers&Challenges CharacteristicsandTrends Competition KeyDevelopments

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KeyDevelopments
Date Jul2009 Jun2009 Mar2009 Sep2008 S 2008 Development SABMillerhaschosenShoppingtrip360,aretailsolutionfromInfosysTechnologiesforevaluatingitsin storemarketingcampaigns CarlsbergIndiaplanstosetupbreweriesinSouthIndiatobrewitsthreebrandsCarlsberg,Tuborgand Palone.Thecompanyexpectstocapture10%ofmarketshareinayear UnitedBreweriesGroupplanstosell37.5%stakeinUnitedBreweriesLimitedtoitspartnerHeinekenNV. Thisdoesnotinvolvesellingofkingfisherbrand BelgiumbasedbrewerInBevSAplanstosetupanewplantinAndhraPradesh,thecountryslargestbeer B l i b db I B SA l l i A dh P d h h l b marketbysales,evenasittakesitsfirstlocallyproducedbrand,TennentsSuper,totheneighboringstateof Karnataka RadicoKhaitanplansonenteringthebeermarket.Thecompanywantstotieupwithaninternationalbrand foritsbeerforaybecauseitbelievesthatitwillhelpittobreakintothedomesticmarketfaster y p TheUSD52bnInBevAnheuserBuschDealwouldisexpectedtocreatetheworldslargestbreweryand couldpotentiallyseeathirdbigplayeremerginginIndia SABMillerIndiaplanstobringDutchpremiumbeerGrolschtoIndiawhichitacquiredin2007forUSD1.2 bn.ThecompanyisalsolikelytolaunchMillerLitebeerinIndia

Aug2008 July2008 May2008

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