October 12, 2008

Chowgule Group to focus on shipping and mining business

After selling its 76% stake in Aurangabad Breweries Limited, Goa based shipping & mining organization Chowgule Group said that it is exiting completely from breweries to focus on shipping, shipbuilding and mining. It will also sell its remaining 24% stake to Singapore based brewer Asia Pacific Breweries Limited for an undisclosed sum.

A senior Chowgule Group executive said that the move came in the wake of a management decision to focus on the areas in which the group is strong.

Chowgule Group has businesses in iron ore mining, sea transportation, iron ore pelletization, shipbuilding, explosives, industrial salt, industrial gases and machine fabrication. It had another small brewery at Arlem in Goa.