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Awaiting price reaction for this filing.
Asgard Alcobev Ltd (formerly Banganga Paper Industries Ltd) has completed the acquisition of a 78.90% stake in CMJ Breweries Private Limited (CMJBPL) through a share swap deal, making CMJBPL a subsidiary. CMJBPL is the largest brewery in Northeast India, based in Meghalaya, and produces beer on contract for leading Indian and international brands. The deal was done via a preferential issue to CMJBPL's non-promoter shareholders under SEBI and Companies Act rules. CMJBPL's standalone turnover has been declining — from ₹45,337 lacs in FY23 to ₹32,939 lacs in FY24 to ₹25,200 lacs in FY25.
This marks a strategic entry into the alcoholic beverages space and a shift away from Asgard's earlier paper business identity. Shareholders should note CMJBPL's falling turnover trend, which may raise questions about valuation and turnaround prospects, though the deal gives Asgard exposure to the scalable Northeast beer market.