Banganga Paper Industries renamed Asgard Alcobev; to focus on alcoholic beverages

Maharashtra-based Banganga Paper Industries has been renamed Asgard Alcobev and will focus on emerging opportunities in the alcoholic beverages segment.

The move comes after its strategic acquisition of a controlling 78.9 per cent stake in CMJ Breweries, a leading contract brewing facility in Northeast India, which has large-scale capacity catering to leading Indian and international beer brands.

Shillong, Meghalaya-based CMJ Breweries is a franchise partner of leading brewing brands such as Kingfisher (United Breweries), Carlsberg and Tuborg (Carlsberg India), Asia 72 (Mohan Meakin), and others.

''The Company has been renamed from Banganga Paper Industries Ltd to Asgard Alcobev Ltd, reflecting its new strategic direction," a company statement said.

Last week, the company received shareholders' approval at an EGM to amend its Memorandum of Association (MoA) and increase its authorised share capital. This will provide financial flexibility to support future growth initiatives and strategic investments.

It also approved name change and shifting of the company's office from Nashik, Maharashtra, to Shillong, Meghalaya. ''This shift is aligned with the company's operational focus in the north-east and is expected to provide administrative and operational efficiencies,'' it said.

The Indian beer market, which is valued at approximately Rs 48,310 crore in 2024, is expected to grow at a CAGR of around 10 per cent during 2025–2034, reaching an estimated Rs 1.24 lakh crore by 2034.

''This robust industry outlook provides a strong growth runway for Asgard Alcobev Ltd,'' it said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)