UK-based Cobra Beer is poised to invest up to $10 million for promoting the brand and distribution network in India in the next couple of years, even as it is shopping for breweries besides setting up a greenfield plant.
"We are in the look out for a brewery...we are shopping around," Lord Karan Bilimoria, Chief Executive of Cobra Beer, told reporters.
The premium beer maker is also looking to increase sales to one million cases by early next year in the market dominated by Kingfisher, which sells nearly 36 million cases annually.
"If everything goes as planned, in the next five years we are looking at around five million cases," he said.
Bilimoria said the company, which has recently signed a licensing agreement with a Goa-based brewer in addition to one in Rajasthan, was looking to set up its own greenfield plant.
The company is also exploring tie ups with brewers in north and south-east India, he added.
For the promotion of its products and expanding portfolio, Bilimoria said about $5-10 million had been earmarked, which does not include budget for acquisitions.
Stating that per capita beer consumption in India was far too low at 0.7 litre, he hoped that it would increase to 20 litres per person in the next 15 years and it provides a huge potential for more players to get into the market as well as the existing players to expand.
In the next few months, Cobra Beer would introduce four new products in India in addition to its lager, strong and double fermented beers.