Mumbai: The United Breweries (UB) Group has acquired yet another brewery in Andhra Pradesh (AP), this time from GMR Technologies and Industries Ltd for an all cash deal of over Rs 57 crore.

An agreement was signed on February 13 evening between UB and GMR Technologies to acquire the latter's 1.2 lakh hectolitre installed capacity brewery at Srikakulam, UB said in a release in Mumbai on February 14.

It said the acquisition would be made through UB's joint venture company with Scottish & Newcastle (S&N). ING Barings were advisors to UB for the transaction, it said.

It forms a part of the strategic brewing acquisition plans drawn up between UB and S&N to explore and exploit brewing opportunities within India, the release added.

UB said the AP government had already given its nod for enhancing the newly acquired brewery's capacity to 2.45 lakh hectolitres.

The release claimed that pursuant to this transaction, UB Group would emerge as the largest brewer in the beer deficit state of AP, which incidentally is the second largest consumer of the liquor.

PTI