sahi Group Holdings Ltd. (2502.TO) said Thursday it will buy the bottler of PepsiCo Inc. (PEP) products in Indonesia through its local joint ventures, in a bid to get a chunk of a market with potential for growth.The Japanese company said its two local joint ventures with PT Indofood CBP Sukses Makmur Tbk have signed a contract to buy the entire stake in PT Pepsi-Cola Indobeverages for $30 million, or Y2.9 billion, from the current stakeholders, Seven Up Nederland B.V. and PT Gapura Usahatama.
Asahi said Indonesia has potential for growth, with the market expected to double to Y1 trillion in the year 2020, powered by solid economic growth.
The company has been ramping up efforts to advance into overseas markets, given weak domestic demand as the population ages. The company's overseas deals included a $1.3 billion purchase of New Zealand's Independent Liquor in 2011.
But its presence in Southeast Asia has so far been limited to such business as Permanis Sdn. Bhd., Malaysia's second-biggest soft-drink maker, which Asahi bought in 2011.
Asahi aims to bring its sales in the region to Y100 billion in 2015 through acquisitions and other investments.
