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Varun Beverages launches KIVA Spirits to enter India RTD alcohol market
The board approved KIVA Spirits, and Varun Beverages also backed a beverage joint venture in Tunisia where it will hold a 75% stake.
Varun Beverages, a PepsiCo bottler, has moved to diversify beyond soft drinks by creating a wholly owned subsidiary, KIVA Spirits and Company, for ready-to-drink (RTD) products and alcoholic beverages in India, subject to regulatory approvals, according to LiveMint Markets.
The company said the Ministry of Corporate Affairs has already granted approval for incorporating KIVA Spirits. It also appointed Prathmesh Mishra as CEO and managing director of the new unit, with LiveMint citing his prior leadership roles at Diageo across Asia.
Alongside the India expansion, Varun Beverages' board approved the formation of a beverage joint venture company in Tunisia, Varun Beverages Tunisia SA, covering products including carbonated soft drinks, juices, water, and dairy, also subject to regulatory approvals.
LiveMint Markets also noted that Varun Beverages reported a 15.0% increase in consolidated net profit to ₹1,525.35 crore for the June quarter, supported by double-digit volume growth in India and international markets. The company said it will hold a 75% stake in the Tunisia venture, with the remaining 25% held by a partner that is not named in the provided text.