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Siva Group buys stake in Norwegian mineral water brand
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Saturday, 13 March, 2010, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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The Chennai-based Siva Group, a $3-billion (Rs 14,000 crore) diversified conglomerate, has announced the acquisition of 50 per cent stake with two others in Isklar, a Norwegian glacial natural mineral water company. According to a report in Business Standard, the transaction involves an outlay of $22 million (Rs 101 crore) and is a 50:50 joint venture of the Siva Group with Sabco, a water brand company from Oman, and Jova Holdings, also from West Asia. Siva put in half the money for the 50 per cent stake and the two others jointly put the other half.
Isklar launched its product in Britain in early 2008 and in Norway in early 2009. The brand is sold by the main retail chains there and in high-end stores. Siva Group CEO Vaidyanathan Srinivasan said: "The company has always believed in spotting business opportunities ahead of time and further enhancing the value of the business it has entered. The present acquisition reinforces the vision of Siva Group and we will look forward to expand the operations of the brand in other international markets."
At present the company can process 150 million litres while it is producing only 40 million litres. "We will ioncrease the capacity and sell in newer markets like Denmark and Spain this year. We plan to bring Isklar into West Asia and India next year," Srinivasan said.
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