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| Siva Group buys 50% stake in premium bottled water maker Isklar |
| Announcement / Corporate Mar 10, 2010, 14:11 IST |
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Concludes $22 million deal through a 50:50 JV; Consolidates position in global consumer market
Siva Group, a USD 3 billion diversified global conglomerate, with interests in verticals such as telecom, wind energy, shipping & logistics, commodity trading, hospitality & realty and agro business today announced the acquisition of 50% stake in Isklar, a Norwegian Glacial Natural Mineral Water company. The transaction involves an outlay of USD 22 million and is a 50:50 Joint Venture of Siva Group with Sabco, Middle East’s premier water brand from Oman & Jova Holdings, whose owners are also involved in a major Norwegian shipping and logistics company.
“Isklar” is a pure Norwegian glacial natural mineral water, launched in the UK in April 2008 and in its home market, Norway, in February 2009. Presently, in the UK the brand is sold in three of the main retailers (Tesco, Sainsbury’s and Waitrose), two of the largest convenience chains (Londis and Nisa) and two key forecourt chains (Esso and Total) representing a large proportion of the take home water market. It is also available in high end department stores such as Harrods and Wholefoods. In its home market, Isklar is also sold in Norway’s major convenience and forecourt chains including Narvesen, 7-Eleven, Deli de Luca, Shell, Esso and Statoil.
On this occasion Siva Group CEO, Vaidyanathan Srinivasan said, “Siva Group has always believed in spotting business opportunities ahead of time and further enhancing the value of the business it has entered. This present acquisition reinforces the vision of Siva Group and we will look forward to expand the operations of the brand in other international markets.”
“Riding on the early success of Isklar brand, the Siva Group will further strengthen and consolidate its position in the international consumer space.” he further added.
Sabco Group Director Saibal Sen said, “Isklar is a unique brand and a unique business to be part of. We are committed to making the brand an international success and have found in the Siva Group, a like minded ambition and dedication to our overall mission. We look forward to many successful years ahead.”
Jova Holdings CEO, Johan G. Hvide said, “We spent a lot of time and effort finding the right water and building a strong and differentiated brand that we are proud of. The success we have enjoyed in the UK and Norway already, are testament to the strength and potential of the brand. We are delighted to welcome Siva Group on board as they share the same vision and attitude that will help build Isklar in to the international success we know it can be.”
“Isklar”, which means “ice clear” in Norway, is a pure glacial natural mineral water brand that starts life as ‘pure ice’ in the glaciers of Hardanger. During its natural filtration through ice and hard aquifer rock, Isklar absorbs extraordinarily few minerals, which contributes to the smooth taste of this product, and its low sodium content. Isklar is proudly a ‘Carbon Neutral ® product and company, which is supported by several business operations and initiatives including; - direct shipping from the plants quayside, 100% hydro powered bottling plant, recycling 10 used pet bottles for every one produced, continuous improvement on light weighting bottles and using recycled material wherever possible. Isklar is positioned as a premium everyday water brand and takes a different and unique approach to both its communication and its delivery, ensuring a long term place in the hearts and minds of bottled water drinkers internationally
Isklar was awarded the Platinum award for “Best Overall Concept” in the prestigious ‘2008 Water Innovation Awards’. It also won ‘Best Environmental Initiative’ and ‘Best Newcomer’ on the same occasion. Since then Isklar has won a further 3 international awards in less than 12 months. With Isklar’s continued investment, innovation and brand differentiation, this trend is set to continue.
About Siva Group
Siva Group is a diversified $3-billion conglomerate with global operations in high growth industries like Telecom, Project Engineering, Shipping & Logistics, Renewable Energy, Commodity Trading, Hospitality & Realty, Agro business and High end Fashion business.
Started in 1986, the Group has the honor of pioneering new concepts and introducing paradigm shifts in many business areas.
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