Business Daily from THE HINDU group of publications
Thursday, Mar 11, 2010
ePaper | Mobile/PDA Version | Audio | Blogs

News
Features
Stocks
Foreign Exchange
Shipping
Archives
Google

Group Sites

Corporate - Mergers & Acquisitions
Siva group buys 50% in Norwegian mineral water co

Our Bureau

Chennai, March 10

Chennai-based Siva group said on Wednesday it had acquired 50 per cent stake in Isklar, a Norwegian mineral water company, for $22 million (Rs 100 crore).

The company is promoted by the Sabco group based in Muscat, Oman and Java Holdings of Norway.

Isklar will issue additional shares to the Siva group and the holding of the existing promoters will come down to 50 per cent.

Isklar takes water from the glaciers and bottles it. It currently has the capacity to bottle 20 million litres. In calendar 2010, the capacity will be doubled, Mr V. Srinivasan, group CEO, told Business Line .

Mr Srinivasan expects Isklar's turnover to be $20 million and twice as much in the following year. He said the company would be “EBIDTA positive” in two years. He said that the $3-billion Siva group was keen on the consumer products space, and hence Isklar.

“Isklar”, which means “ice clear” in Norwegian, is a brand of pure glacial natural mineral water brand that starts life as ‘pure ice' in the glaciers of Hardanger. During its natural filtration through ice and hard aquifer rock, Isklar absorbs extraordinarily few minerals, which contributes to the smooth taste of this product, and its low sodium content, says the company.

The main market is the UK. As a quay is located right alongside the bottling plant, shipping out of Norway is easy.

This is Siva group's second acquisition in Scandinavia. Two years ago, it took over WinWind, a Finnish windmill manufacturer. WinWind has since established a manufacturing plant near Chennai.

More Stories on : Mergers & Acquisitions | Water

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
Neycer to get re-listed shortly


Diamond Power expansion
Budget and accounts
It's raining dividends from Engineers India
GVK bags 690 MW hydel project in J&K
Supreme Infra wins Rs 450-cr orders
Dhanam Businessman of the Year award
Indian Road and Transport Awards
Apex court pulls up STel for approaching Govt on sub-judice matter
Bharti Airtel integrates all telecom, satellite infrastructure
Siva group buys 50% in Norwegian mineral water co
Nagarjuna Fert, NMDC look for phosphate mines abroad
Lock-out at Apache Footwear unit
Demand is huge, enough space to tap
Thermax, Babcock & Wilcox ink deal for boiler venture
Kirloskar plant's centenary
IVRCL Infra to hike capital
ITC arm to invest Rs 1,100 cr in Bhadrachalam paper plant
Tata Steel hit by Orissa Govt's blanket mining ban order




The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2010, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line