Foster's quits Asian markets

Australian brewer Foster's Group has sold its brewing interests in Vietnam and India for US$225 ($368.5 million).

The global beverages firm said the sale marked its exit from brewing in the Asian region.

Its Vietnam business has been sold to Asia Pacific Breweries for US$105 million and its business and the Foster's brand in India to SABMiller plc for US$120 million.

The company said the latest divestments, together with the recent sales of its Chinese brewing business and the Foster's brand in Europe and related sponsorship and overhead restructuring initiatives, will generate net proceeds of more than $1 billion.