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Isklar, which sells glacial natural mineral water, will soon launch its operations in other European countries and is also planning to launch its brands in India
Indian diversified conglomerate Siva Group on Wednesday said that it has bought a 50% stake in the Norway-based glacial water company Isklar for around $22 million, through its wholly-owned subsidiary Lotus Venture.
"This present acquisition reinforces the vision of Siva Group and we will look forward to expand operations of the brand in other international markets," Siva Group chief executive Vaidyanathan Srinivasan told PTI.
He said that Isklar was established as a joint venture between Sabco, a Middle East-based water bottler and Norwegian firm Jova Holdings.
After the transaction, Isklar would become a joint venture company with the Indian Siva Group's holding at 50%, with Sabco and Jova Holdings jointly commanding the remaining stake.
Isklar, which sells glacial natural mineral water, started its operations in the UK in 2008 and later forayed into Norway.
"Going forward, Isklar will soon launch its operations in other European countries such as Denmark and Spain," Mr Srinivisan said, adding that the company is also planning to launch Isklar brands in India.
Siva Group is a diversified $3 billion conglomerate with global operations in industries like telecom, project engineering, shipping and logistics and others.