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Varun Beverages stock hit a 52-week high at ₹1,380 on Wednesday. The stock currently trades at ₹1,297.15 on the NSE, up by 10.71 per cent (as of 10:57 am).
The company on Tuesday announced the acquisition of South Africa-based Beverage Company Bevco for ₹1,320 crore and plans to expand its footprint in Africa. It intends to hold 100 per cent of the equity capital of Bevco along with its subsidiaries.
According to the stock exchange filing, Bevco is engaged in manufacture and distribution of licensed non-alcoholic beverages in South Africa. Bevco has franchise rights from PepsiCo Inc. in South Africa, Lesotho and Eswatini. It also has distribution rights for Namibia and Botswana.
Varun Beverages has also signed a Memorandum of Understanding (MOU) with the Government of Jharkhand for a manufacturing plant in Patratu with a total capital outlay of ₹450 crore when fully commissioned.
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