Siva Group acquires 50% stake in Norwegian firm

Diversified conglomerate Siva Group today said it has acquired 50 per cent 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 CEO Vaidyanathan Srinivasan told PTI.

He said, Isklar was established as 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 firm Siva Group's holding at 50 per cent and Sabco and Jova Holdings jointly commanding the remaining 50 per cent 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 Denmark and Spain," 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.