Company acquires controlling stake in CMJ Breweries as it pivots to India’s growing alcohol and beverages market
Shareholders of Banganga Paper Industries have cleared a proposal to rename the company as Asgard Alcobev, reflecting its shift towards the alcoholic and non-alcoholic beverages business. The company plans to operate across the value chain, including distilling, brewing, fermenting, bottling, blending, processing, packaging, marketing, trading, as well as import and export of beverages.
As part of this strategic transition, Banganga Paper Industries has acquired a controlling 78.90 per cent stake in CMJ Breweries, marking its formal entry into India’s expanding alcohol and beverages market. Following the acquisition, the company’s operations will be led by the experienced management team of CMJ Breweries.
The board has also appointed Batliboi & Purohit as its statutory auditor. In addition, Venkatesh Prabhu and Ravindranathan M have been inducted as independent directors.
Founded in 2011, CMJ Breweries is regarded as one of the most advanced contract brewing facilities in Northeast India, providing large-scale and high-quality production services to several leading domestic and international beer brands.
The move comes at a time when India’s alcoholic beverages industry continues to see steady growth. The beer segment alone was valued at Rs 48,310 crore in 2024 and is projected to expand at a compound annual growth rate of 10 per cent to reach Rs 1,24,169 crore by 2034.
In other corporate developments, the company has shifted its registered office from Maharashtra to Meghalaya and increased its authorised share capital to Rs 36 crore from Rs 12 crore, with shares having a face value of Rs 1 each.
Shares of Banganga Paper Industries were trading 1 per cent lower at Rs 46 at 11.10 am on Monday.
