Carlsberg, Khetan in talks to buy HP brewery

BANGALORE/ NEW DELHI: Global brewer Carlsberg’s India plans are gathering momentum. The beer giant along with Khetan Group, a business conglomerate of Indian origin partnering the former in Nepal, is in dialogue for a possible acquisition of Himneel Breweries, a sick entity located in Himachal Pradesh.

If it goes though, the deal-size could be in the Rs 35-40 crore bracket. A source close to the development said the combine has been looking at acquiring the BIFR brewery.

Sources said talks were on with Himneel’s creditors, IFCI and Dena Bank, even though several hurdles continue to exist in the way of a buyout.

The brewery, promoted the by the Haryana based Khemka Group, has an installed capacity of 1.5 lakh hectolites translating to a monthly output of 1.5 lakh cases.

Incidentally, the pitch for the brewery has reportedly been made on behalf of South Asian Breweries and not in the name of Gorkha Brewery, the Nepalese JV between the two in which Carlsberg holds a majority stake.

Speculation is rife that South Asian breweries could be a separate JV floated by Carlsberg along with Khetans to tap the fast growing Indian beer market.

Carlsberg has maintained that it has not reached any final conclusion on its India strategy. “We have a tie-up with Carlsberg for Nepal but it has nothing to do with Indian market.

Carlsberg is trying to come up in India and we are simply sharing information with them on the market,” said Surendra Silwar, operation director & official spokesperson of Gorkha Brewery, when contacted.

Sources said Himneel carries liabilities — including a loan, accumulated interests and loss — pegged at about Rs 70 crore. It is learnt that the principal amount owed to IFCI and Dena bank is roughly Rs 28 crore and talks were on with the bankers to reach at a settlement on interest and other liabilities.