24 January 2008 - Cobra Beer has acquired a 76% stake in Iceberg Industries, a leading brewery based in Bihar, India, reports the local media.
The move is seen as part of Cobra's global development strategy.
Lord Karan Bilimoria, Founder and Chairman of Cobra Beer said that the purchase of Iceberg will help take Cobra to a whole new level in India, allowing the firm to increase and manage its capacity and to focus its efforts on the Indian market.
Iceberg currently has a 3 million case per year production capacity, which Cobra intends to increase to 7 million cases per year in a few years. Cobra will seek to cater for its markets in north and east India, added the reports.
According to the reports, Cobra is aiming at capturing a 10% share in the Indian beer market by 2012.
To achieve this target, Cobra will be faced with tough competition from United Breweries, the owner of the Kingfisher brand, which is the undisputed leader in India's beer market, as reported on FLEXNEWS in August last year.