TOKYO, June 27 (Kyodo) — Asahi Group Holdings Ltd. said Thursday it will acquire PepsiCo Inc.'s exclusive bottler in Indonesia through the Japanese brewer's joint venture with an Indonesian food company.
Asahi Group will buy PT Pepsi-Cola Indobeverages for $30 million (about 2.94 billion yen) and make the company a consolidated subsidiary.
Asahi Group set up the joint venture in Indonesia last year. The latest buyout is part of Asahi's efforts to deploy full-scale beverage operations in the country, Southeast Asia's largest with a population approaching 250 million and one of the region's fastest growing economies.
Pepsi-Cola Indobeverages, based in Jakarta, produces and distributes PepsiCo-brand products in Indonesia. It posted consolidated sales of about 7.1 billion yen last year.