Indore , India (PressExposure) August 08, 2011 -- Molson Coors Cobra is investing $35 million in its India operations
Molson Coors Cobra (India) Pvt. Ltd. announced today that its Chairman, Lord Karan Bilimoria met with the Hon. Chief Minister of Bihar, Shri Nitish Kumar to formally introduce the recently announced joint venture between Molson Coors Brewing Company and Cobra India which will brew and market Cobra beer in South Asia. The Hon. Deputy Chief Minister of Bihar - Shri Sushil Kumar Modi, senior members of the state administration along with Molson Coors Cobra's senior management team from USA and India were also present on the occasion.
On June 23 of this year, Molson Coors announced that it had purchased a controlling stake of Cobra India from existing shareholders and now has operational control over the new Molson Coors Cobra India. Moreover, it is initially investing $35 million in its India operations, a majority of which will be utilized for the future expansion plans of the brewery operations in Bihar. The joint venture is being chaired by Lord Karan Bilimoria, Cobra's founder and chairman of the Cobra Beer Partnership, the global JV with Molson Coors headquartered in the UK.
Speaking on the occasion, Lord Karan Bilimoria, Chairman, Molson Coors Cobra (India) Pvt. Ltd, Cobra's founder and Chairman of the Cobra Beer Partnership, said "It was a pleasure meeting up with the Hon. Chief Minister of Bihar Shri. Nitish Kumar and his team today. We are especially excited by the prospect of investing here and are looking forward to the new opportunities that this project will create in the state of Bihar.
He further said, "The JV that was signed earlier marked a very significant milestone for us. We would like to extend our gratitude towards the government of Bihar for the consistent support offered to us on this project. Moreover we are confident that this JV will yield significant benefits to the local community in terms of increased economic activity and job creation, as well as help Bihar realize its growing potential as a key investment destination in the region." It is expected that in the first year, this investment would contribute approximately Rs.50 crore in revenue to the state of Bihar. In addition it would create hundreds of jobs directly or indirectly.
Bihar, whose economy has been rapidly growing over the past few years is emerging as one of the most business friendly states in the country with immense investment potential. While this is one of the first major Foreign Direct Investments (FDI), the state is increasingly being looked at with great interest by corporates and business houses. This is largely attributed to the positive initiatives by the Bihar government through a combination of supportive policies and creating an environment for business investment.
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