New Delhi, Dec 19 : The board of directors of Varun Beverages has approved to acquire 100 per cent stake in the business conducted by The Beverage Company (Proprietary) Limited, South Africa along-with its wholly-owned subsidiaries. Bevco is engaged in the business of manufacturing and distribution of licensed (PepsiCo Inc.) / own-branded non-alcoholic beverages in South Africa. Bevco has franchise rights from PepsiCo Inc. in South Africa, Lesotho and Eswatini. Further, it also has distribution rights for Namibia and Botswana. The acquisition will enable VBL to expand its geographical footprint in Africa. The proposed transaction at an enterprise level is valued at Rs 13.2 billion. The company with an option to accept minority coinvestment from large equity fund intends to hold 100 per cent of the Equity Share Capital of Bevco along with its subsidiaries Bevco is engaged in the business of manufacturing and distribution of licensed (PepsiCo Inc.) / ownbranded non-alcoholic beverages in South Africa. Bevco has franchise rights from PepsiCo Inc. in South Africa, Lesotho and Eswatini. Further, it also has distribution rights for Namibia and Botswana. Bevco achieved sales volumes of 117 million 8oz cases in FY23. /IANS