Chennai: The Chennai-based Siva Group, a $3-billion (Rs 14,000 crore) diversified conglomerate, today announced the acquisition of a 50 per cent stake with two others in Isklar, a Norwegian glacial natural mineral water company.

The transaction involves an outlay of $22 million (Rs 101 crore) and is a 50:50 joint venture, of the Siva Group with Sabco, a water brand company from Oman, and Jova Holdings, also from West Asia; Siva put in half the money for the 50 per cent stake and the two others jointly put in the other half.

Isklar launched its product in Britain in early 2008 and in Norway in early 2009. The brand is sold by the main retail chains there and in high-end stores.

Siva Group CEO Vaidyanathan Srinivasan said: “Siva Group has always believed in spotting business opportunities ahead of time and further enhancing the value of the business it has entered. This present acquisition reinforces the vision of Siva Group and we will look forward to expand the operations of the brand in other international markets.”

“Riding on the early success of the Isklar brand, the Siva Group will further strengthen and consolidate its position in the international consumer space,” he added.