Banganga Paper to Enter Alcohol Business, Acquires 78.9% Stake in CMJ Breweries; Company Name to Change

Mumbai: Maharashtra-based paper manufacturer Banganga Paper Industries Limited (BPIL) is set to diversify into the alcoholic beverages (Alcobev) sector, starting with the beer segment. The company has announced the acquisition of a 78.90% equity stake in CMJ Breweries Private Limited (CMJBPL), Meghalaya’s largest Alcobev company in Northeast India. Following the announcement, BPIL shares on the BSE rose 1.33% to ₹56.21 around 11 a.m.

Acquisition Details
BPIL’s board approved the acquisition proposal in a meeting held on 17 December 2025. Under the deal, BPIL will acquire 10,95,22,067 equity shares of CMJBPL. The transaction positions BPIL to become a significant player in Northeast India’s rapidly growing beer market. The deal is expected to be completed within two months, subject to shareholder and stock exchange approvals.

About CMJ Breweries
CMJ Breweries specializes in premium beer production and operates a state-of-the-art, high-capacity facility equipped with German and European machinery. The company is engaged in contract manufacturing for several leading beer brands, including Kingfisher (United Breweries), Tuborg (Carlsberg India), Asia 72 (Mohan Meakins), He-Man 9000 (Yuksom Breweries), and Simba (Sona Beverages).

Beer Market Potential
The Indian beer market reached ₹483.10 billion in 2024, growing at a CAGR of 9.90%. Analysts project the market will expand to ₹1,241.69 billion by 2034, signaling strong growth potential for BPIL’s new venture.

Company Name Change
BPIL’s board has proposed renaming the company to Asgard Alcobev Limited, pending regulatory and shareholder approvals, reflecting its new focus on the alcoholic beverages sector.