India's UB, Heineken discuss new accord post S&N
MUMBAI, May 9 (Reuters) - India's top beer maker, United Breweries Ltd (UBBW.BO), hopes to draw up a new joint venture agreement with Heineken (HEIN.AS), a company official said, to protect its position in an increasingly competitive market.
The Dutch brewer acquired 37.5 percent of United Breweries, which makas Kingfisher beer, following a 7.8 billion pound ($15 billion) takeover with Carlsberg (CARLb.CO) of the Indian brewer's erstwhile partner, Scottish & Newcastle (S&N).
Under the purchase agreement, Heineken took over S&N's operations in Britain, Finland and Portugal as well as India.
But Heineken, in a joint venture with Fraser & Neave (FRNM.SI), also has a stake in Singapore's Asia Pacific Breweries (APBB.SI), which is stepping up its presence in India and whose flagship is Tiger beer.
"We view APBB as competition, and according to the conditions of our agreement with S&N, that is not acceptable," UB Group Chief Financial Officer Ravi Nedungadi said on Friday.
UB Group, which also has 37.5 percent ofà
