Kirin of Japan is negotiating to triple its investment in Bira, an Indian craft brewer.

According to the sources Japanese beverage company Kirin Holdings is in discussions to invest $70 million in Indian craft beer manufacturer Bira, doubling in on the rapidly growing South Asian market at a time when it is under pressure to maintain growth at home. Kirin, which made its first $30 million investment in Bira for a stake of less than 10% last year, plans to inject further capital at an equity valuation of $450 million.

The most recent negotiations take place as Japan's main beverage manufacturers struggle with a gradual reduction in alcohol sales revenue as the local population shrinks and younger people drink less than in previous decades, requiring the businesses to grow internationally or enter new markets. The Japanese yen has plunged to 24-year lows, which is expected to increase the cost of international acquisitions for local businesses. Despite this, Kirin still plans to increase its investment in Bira. Two of the sources claim that after the most recent fundraising round closes, Kirin will own a total of about 15% of Bira.