Stock News: Asia Pacific Breweries formed joint venture with Jaipuria Beverages & Food Industries Pte Ltd

Asia Pacific Breweries Ltd (APB) said it has formed a joint venture company in India in partnership with Jaipuria Beverages & Food Industries Pte Ltd to build a new brewery there. The initial investment in the joint venture company called Pearl Breweries Pte Ltd (PBPL) will be 15 mln usd, out of which the equity contribution is estimated not to exceed 10 mln usd. PBPL, which is 67-pct controlled by APB and 33-pct owned by Jaipuria, will build a greenfield brewery that will have an initial brewing capacity of 250,000 hectolitres and is expected to be operational by end-2007. APB said it intends to fund its investment in the Indian brewery through a combination of internal resources and external borrowings. This JV is APB's second investment in India which follows its investment in Aurangabad Breweries Limited (AUBL) in May 2006.