Varun Beverages Limited has announced a major overseas acquisition as part of its expansion strategy, approving the purchase of 100% share capital of Twizza Proprietary Limited. The decision was taken by the company’s Board of Directors at a meeting held today, marking another step in strengthening its footprint in the African beverages market.
The acquisition will be executed through Varun Beverages’ South Africa–based subsidiary, The Beverages Company Proprietary Limited (BevCo). The proposed transaction values Twizza at an enterprise value of ZAR 2,095 million, which translates to approximately INR 11,187 million. The entire consideration will be paid in cash and remains subject to regulatory approvals, including clearances from the competition authorities of South Africa, Botswana, and Eswatini.
Twizza Proprietary Limited operates in the non-alcoholic beverages segment and is engaged in the manufacturing and distribution of its own branded products. For the financial year ended June 30, 2025, the company reported a turnover of ZAR 1,689 million, equivalent to about INR 9,019 million. Over the last three financial years, Twizza has shown steady revenue growth, with turnover rising from ZAR 1,551 million in FY 2022–23 to ZAR 1,641 million in FY 2023–24, and further to ZAR 1,689 million in FY 2024–25.
Incorporated in 2003, Twizza has established a strong operational base in South Africa with three manufacturing facilities located in Cape Town, Queenstown (Komani), and Middelburg. The company also benefits from backward integration, operating five preform lines and one closure line across its plants. During FY 2024–25, Twizza achieved sales volumes of approximately 71 million 8-ounce cases, underlining its scale in the regional beverages market.
According to Varun Beverages, the acquisition is aligned with its core business and is expected to help BevCo deepen market penetration in South Africa by leveraging Twizza’s manufacturing infrastructure and distribution reach. Following completion of the transaction, Twizza will become a step-down subsidiary of Varun Beverages Limited.
The company has clarified that the acquisition does not fall under related-party transactions. The promoter, promoter group, and group companies of Varun Beverages do not have any interest in Twizza, and the deal is being carried out on an arm’s length basis.