UB Likely To Look For JV Partner

Bangalore: United Breweries, the beer arm of UB Group, scouts set to actively seek out a joint venture partner to grow this Rs 1,500 crore business. This move has been needed as its current joint venture partner Scottish & Newcastle (S&N), which holds 37.5 per cent, is likely to be taken over on a global basis. UB Group said, whoever buys Scottish & Newcastle gets grandfathered into agreement with them. Under various clauses in the joint venture agreement, it has a right to takeover the shares back. Once they retain that stake, they will actively look for a joint venture partner. The Carlsberg - Heineken consortium has been given time till January 21, 2008 to either make a firm intention of offer or be away for next six months from bidding for S&N. United Breweries has so far been pretty successful in holding its market leadership in the Indian beer market with 45 per cent share, a position which is being actively asked by SAB Miller which has a share of 38 per cent.