2026 Transformation of Banganga Paper Industries: Entry into High Margin Alcoholic Beverages Business, Change of Management and Increased Borrowing Capacity, BPIL Is all Set for Big Leap

Banganga Paper Industries Limited (BPIL) has undergone a major strategic overhaul backed by shareholder approval at its Extraordinary General Meeting (EGM) held on January 14, 2026, via Video Conferencing and Other Audio Visual Means. With large structural changes, new promoters, and entry into a fast-growing consumer segment, the company has positioned itself for long-term growth under its new identity—Asgard Alcobev Limited.

Key Corporate Approvals and Structural Changes

1. Increase in Authorised Share Capital
Members approved an increase in the company’s Authorised Share Capital from Rs 12,00,00,000 (Rupees Twelve Crore) divided into 12,00,00,000 equity shares of Re 1 each to Rs 36,00,00,000 (Rupees Thirty Six Crore) divided into 36,00,00,000 equity shares of Re 1 each.
This expansion creates an additional 24,00,00,000 equity shares of Re 1 each, ranking pari-passu. Post approval, total authorised capital stands at Rs 36,00,00,000 divided into 36,00,00,000 equity shares of Re 1 each.

2. Shifting of Registered Office from Maharashtra to Meghalaya
Subject to central and statutory approvals, the registered office will move from Nashik, Maharashtra to Shillong, Meghalaya, falling under Registrar of Companies, North Eastern Region.
The address will change from:
Sr. No. 186, Gava Wadi Road, Ashewadi, Ramshej, Nashik, Maharashtra, 422003
to:
The CMJ House, Ferndale Complex, Block II Keating Road, Shillong, Meghalaya, 793001, India.

3. Change in Company Name
The company name has been changed from Banganga Paper Industries Limited to Asgard Alcobev Limited. Accordingly, the Memorandum of Association (MOA) has been amended to reflect: “The name of the Company is ASGARD ALCOBEV LIMITED.”

4. Amendment to Object Clause
The object clause has been revised to enable operations in manufacturing, distilling, brewing, fermenting, bottling, blending, processing, packaging, marketing, trading, importing, exporting, and dealing in alcoholic and non-alcoholic beverages.

5. Appointment of Auditor
Members approved the appointment of BATLIBOI & PUROHIT as statutory auditor. Established in 1907, the firm brings more than 100 years of audit and corporate governance experience across sectors including IMFL, consumer durables, BFSI, pharma, textiles, power, oil & petro, and paper.

Strategic Transition: Entry into Alcobev

BPIL has acquired a controlling 78.90 per cent stake in CMJ Breweries, signaling a strategic pivot into India’s growing alcoholic beverages market. The experienced management team of CMJ Breweries is now taking the lead at BPIL, accompanied by the name change to Asgard Alcobev Limited.

Sector Outlook and Business Strengths

CMJ Breweries, operational since 2011, is recognised as one of Northeast India’s most sophisticated contract brewing facilities. It delivers large-scale, high-quality production for leading Indian and international beer brands and is known for operational excellence, reliability, and compliance standards.

The Indian beer market reached a value of Rs 48,310 crore in 2024. It is projected to grow at a CAGR of 10 per cent between 2025 and 2034, potentially exceeding Rs 1,24,169 crore by 2034. This positions Asgard Alcobev in a sector with robust medium to long-term demand.

Promoter Strength and Governance

The new promoters bring deep alcobev operational expertise through CMJ Breweries. Additionally, the induction of experienced independent directors - Mr. Venektesh Prabhu and Mr. Ravindranathan M - enhances corporate governance and strategic capability.

With modernisation of brewery facilities, sector tailwinds, experienced leadership, and strengthening corporate structure, Asgard Alcobev shows a favorable long-term risk-reward profile. Valuations appear attractive relative to Indian alcobev peers, which typically command premium multiples.

About CMJ Breweries Private Limited (CMJBPL)

CMJBPL was incorporated on November 12, 2007, and is headquartered at Ferndale Complex, Block-II, CMJ House, Keating Road, East Khasi Hills, Shillong, Meghalaya, India, 793001. CMJ Breweries is the largest brewery in Northeast India, operating a modern, high-capacity plant dedicated exclusively to beer production. The company emphasizes product quality, innovation, and regional leadership within the alcoholic beverages ecosystem.

The stock price is trading 22 per cent higher than its 52-week low.

Disclaimer: The article is for informational purposes only and not investment advice.