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New Delhi: Varun Beverages Ltd, leading bottler of beverages major PepsiCo, on Monday said it will acquire 50 per cent stake of Everest Industrial Lanka for USD 3.75 million (about Rs 32 crore) Everest Industrial Lanka (Pvt) Ltd (EIL) is a company in Sri Lanka engaged in production, manufacturing, distribution and selling of commercial visi-coolers and related accessories.
The investment and borrowing committee of the board of directors of Varun Beverages Ltd (VBL) at its meeting held on Monday considered and approved the proposed acquisition, the company said in a regulatory filing.
"This acquisition will enable VBL to source its visi coolers requirements internally within the group," the company said.
Approval from the Board of Investment, Sri Lanka has already been received for the proposed acquisition, which is expected to be completed on or before May 30, 2025, it added.
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