Globus Spirits ties up with Caribbean beer firm ANSA McAL, shares rise

Globus Spirits Limited has entered into a joint venture (JV) with Trinidad and Tobago-based ANSA McAL for beer production and distribution in India, the company said in a regulatory filing.

Pursuant to the JV, Globus and ANSA McAL will establish an equally owned joint venture in India as the “primary objective of this venture is to engage in the manufacturing, sourcing, and distribution of beer in India, with the initial focus placed on introducing the world-renowned Carib® beer brand to the Indian market.” the company added in the statement.

On March 30, Globus also announced it had commenced commercial production of additional capacity at two of its existing units located at District East Singhbhum, Jharkhand, and at Panagarh, West Bengal. The expansion has raised unit capacity from 140 kilolitres per day (KLPD) to 200 KLPD in Jharkhand and from 240 KLPD to 300 KLPD in West Bengal.

Additional capacity would be used for the production of ENA and ethanol. The expansion was largely funded from internal accruals and a term loan drawdown of ₹14 crore. The total investment value for expanded production capacity was ₹142 crore.

Shares of Globus Spirits rallied about 4% intraday and touched a high of ₹815 on Friday. They pared some gains to close 3.1% higher at ₹807.65

Globus Spirits is involved in the production, manufacturing, and distribution of a variety of spirits and alcoholic beverages along with sanitisers, animal feed, CO2, bioethanol, and bulk alcohol. The stock hit a 52-week high of ₹1327.70 on July 5, 2023, and a 52-week low of ₹661.30 on March 28, 2024.