July 15/Tokyo/Dow Jones -- Suntory Holdings Ltd. has reached an accord to form a soft drink joint venture in Indonesia with packaged beverage and food company Garudafood Group, in an effort to tap into growing demand in Southeast Asia.
Suntory Beverage & Food Ltd., a unit of privately held Suntory Holdings, will buy a 51% stake in the joint venture it will launch with Garudafood. At the same time, Garudafood will transfer its soft drink business to the joint venture.