Banganga Paper Industries Limited (BPIL), formerly Inertia Steel Limited, has approved the acquisition of a 78.90% equity stake in CMJ Breweries Private Limited (CMJBPL). The decision was finalised during the company’s Board meeting held on December 17, 2025.
The acquisition will be executed through a Share Purchase and Share Subscription Agreement (SPSSA) between BPIL, CMJBPL, and its shareholders. The total transaction value is ₹2,190.44 Lakhs, to be settled through a share swap. BPIL will issue up to 15,10,64,917 equity shares of ₹1 each at ₹1.45 per share on a preferential basis to the selling shareholders, who fall under the Non-Promoter Public category.
The 78.90% stake represents 10,95,22,067 equity shares of ₹10 each. Completion is expected within two months, subject to regulatory approvals and conditions outlined in the SPSSA.
The acquisition marks BPIL’s entry into the beer manufacturing segment, supporting its diversification strategy and long-term value creation goals. Although the business does not align with BPIL’s core operations, it provides an opportunity to expand into a scalable and fast-growing market.
Incorporated in 2007, CMJBPL is the largest brewery in Northeast India, operating a modern, high-capacity facility dedicated to beer production. The company serves as a key contract brewing partner for major Indian and international brands. CMJBPL reported standalone turnover of ₹25,200.19 Lacs in FY 2024–25.
BPIL’s Board has approved an increase in authorised share capital from ₹12 Crores to ₹36 Crores. An Extra-Ordinary General Meeting (EOGM) will be held on January 14, 2026, to seek shareholder approval for the acquisition and related proposals.
Mr Ronak Jain and associates will make an open offer for 100% of BPIL's public shareholding.
The Board has also proposed renaming the company to ASGARD ALCOBEV LIMITED, subject to necessary approvals, reflecting its shift toward the alcoholic beverages sector.
On Thursday, Banganga Paper Industries Limited traded at ₹56.22 per share, up 0.75 or 1.35%. The stock price has given 27% returns in the last month.
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