Asgard Alcobev Limited (formerly known as Banganga Paper Indusrires) Acquires 78.90% Stake in CMJ Breweries

Asgard Alcobev Limited (formerly known as Banganga Paper Industries Limited) has completed the acquisition of 78.90 per cent of the equity share capital of CMJ Breweries Private Limited through a share swap arrangement. The transaction was executed under the Share Purchase and Share Subscription Agreement (SPSSA), as disclosed on 17 February 2026.

The preferential issue of shares was allotted to shareholders of CMJ Breweries forming part of the non-promoter public category. Following completion of the transaction, CMJ Breweries Private Limited has become a subsidiary of Asgard Alcobev Limited.

CMJ Breweries Private Limited, incorporated on 12 November 2007, is headquartered in Meghalaya with its registered office located in Shillong. The company is recognised as the largest brewery in Northeast India and operates in the alcoholic beverages industry, exclusively producing beer. It also acts as a contract brewing partner for leading Indian and international beer brands and runs a modern high-capacity brewing facility catering to regional demand.

The company reported standalone turnover of Rs 25,200.19 lakh in FY 2024–25, Rs 32,938.60 lakh in FY 2023–24 and Rs 45,337.43 lakh in FY 2022–23.

The acquisition aligns with Asgard Alcobev Limited’s long-term diversification strategy and aims to strengthen its presence in a scalable, high-demand industry. The move supports the company’s plan to evolve into a diversified business group while expanding operational strength and market reach, particularly in the Northeast India market. The announcement was issued from Nashik on 17 February 2026.

Banganga Paper Industries Ltd, incorporated in 1984, is engaged in the manufacturing and supply of a diverse range of kraft paper catering to multiple industries. Its subsidiary, Banganga Paper Mills, operates a modern facility located in Dindori, Nashik, where it produces corrugated papers and kraft paper across various GSM ranges used in paper bags, cones, boards and corrugated boxes. The company manufactures its products using recycled paper and follows a sustainable process that enables reuse of approximately 90–95 per cent of water and chemicals.

The stock price is trading 36.6 per cent above its 52-week low.

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