Alcohol stock engaged in the business of manufacturing and distribution of liquor and other alcoholic beverages jumped 3 percent in the day’s trade upon signing a Joint Venture agreement with an overseas company to launch the world-renowned Carib® beer brand to the Indian market.
With a market capitalization of Rs. 2,326 Crores, the shares of Globus Spirits Limited were trading at Rs.807, up 3.10 percent from its previous day’s close price of Rs. 782.70.
Globus Spirits Limited has forged a joint venture agreement with ANSA McAL Limited, a diverse conglomerate with a rich Caribbean heritage. Under this agreement, Globus Spirits Limited and ANSA McAL Limited will establish an equally owned joint venture in India.
ANSA McAL Limited is a publicly traded diversified multinational company spanning 8 sectors. Through its subsidiary, CARIB Brewery, it operates 4 breweries located in Trinidad and Tobago, St. Kitts and Nevis, Grenada, and Florida. The Carib® beer is the largest-selling beer in the Caribbean region and is an intrinsic part of the culture of the region.
The primary objective of this venture is to engage in the manufacturing, sourcing, and distribution of beer in India, with the initial focus placed on introducing the world-renowned Carib® beer brand to the Indian market.
The Joint Venture Company aims to leverage the diverse expertise and resources of both Globus Spirits Limited and ANSA McAL Limited to deliver high-quality products and expand market presence within India
Globus Spirits Limited is engaged in the business of manufacturing and distribution of Indian Made Indian Liquor, Indian Made Foreign Liquor, Bulk Alcohol, hand sanitizer, and Franchise Bottling
Some of the brands sold by the company are, Governors Reserve Red, Oakton, Mountain Oak, White Lace, Globus Green, Not Out, Samurai, and many more.
Its revenue from operations grew by 16 percent from Rs. 592 Crores in Q3FY23 to Rs. 687 Crores in Q3FY24, accompanied by profits of Rs. 27 Crores to Rs. 45 Crores.
Written by: Bharath K.S
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