In a bold strategic move, the Board of Directors of Banganga Paper Industries Ltd (BPIL) approved the acquisition of a 78.90% equity stake in CMJ Breweries Private Ltd (CMJBPL) during their December 17, 2025 meeting. This includes 10,95,22,067 equity shares (face value Rs 10 each) and an increase in BPIL’s authorized share capital.
The deal positions BPIL to dominate Northeast India’s thriving beer market, with completion expected within two months, pending shareholder and stock exchange approvals.
Discover CMJ Breweries
Headquartered in Meghalaya’s stunning landscapes, CMJ Breweries reigns as Northeast India’s largest brewery, specializing in premium beer production. Its cutting-edge, high-capacity facility—powered by precision German and European machinery—delivers unmatched efficiency and quality, fueling regional growth and innovation.
As a go-to contract manufacturer, CMJ partners with giants like United Breweries (Kingfisher), Carlsberg India (Tuborg), Mohan Meakin (Asia 72), Yuksom Breweries (He-Man 9000), and Sona Beverages (SIMBA), ensuring top-tier volume, quality, and compliance in India’s booming alcohol sector.
The Indian beer market hit INR 483.10 Billion in 2024 and is set to surge at a 9.90% CAGR, reaching INR 1,241.69 Billion by 2034.
Open Offer
Per the exchange release, Mr. Ronak Jain and associates will extend an open offer for 100% of BPIL’s public shares.
Rebranding Ahead
The Board proposes renaming BPIL to ASGARD ALCOBEV LIMITED, subject to approvals, to reflect its exciting new direction.
New Auditors Onboard
M/s. BATLIBOI & PUROHIT, Chartered Accountants, have been appointed as Joint Statutory Auditors.
