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Indonesia's Indofood CBP to set up beverage venture with Asahi
July 9, 2012 / 9:47 AM / 5 years ago

Indonesia's Indofood CBP to set up beverage venture with Asahi

BINTAN, Indonesia, July 9 (Reuters) - Indonesia packaged food producer PT Indofood CBP Sukses Makmur Tbk is planning to set up a non-alcoholic beverages joint ventures with Japanese Asahi Group worth up to 2 trillion rupiah ($213.11 million), Indofood CBP said on Monday.

Indofood CBP and Asahi Group will set up two joint ventures on the manufacturing side and marketing and distribution side, Indofood CEO Anthony Salim told reporters.

In May, Asahi planned to buy soft drinks group Calpis from Japanese seasonings maker Ajinomoto Co for about 120 billion yen ($1.5 billion). Asahi has been on an acquisition spree overseas to combat Japan’s declining population, uncertain economic prospects and deflation.

Indonesia’s beverage market was estimated to be worth around 400 billion Japanese yen in 2011 and has been growing at 15 percent annually over the past five years.

$1 = 9,385 rupiah Reporting by Janeman Latul, Writing by Andjarsari Paramaditha; Editing by Matthew Bigg and Ed Lane

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