Virgin Forms Soft Drink JV in China

The U.K.'s Virgin Group is planning to set up a Chinese joint venture with a Sichuan province-based soft drink maker, the Shanghai Daily reported, citing company sources.

The paper said Virgin had invested $20 million in Virgin Beverage Co. Ltd. (China). Its partners are Sichuan Yunlu Industrial Development Co. Ltd. and Great China Beverage Co. Ltd.

Sichuan Yunlu, a former Pepsi-cola bottler, has a 35% stake in the venture, while Virgin holds an undisclosed majority stake, the paper said. It said that no information on Great China Beverage was available.