TIO sale profits invested in Darwin bottled water firm

THE Northern Territory Infrastructure Development Fund has completed its first investment with a major stake in Darwin-based bottled water production company, NT Beverages

THE Northern Territory Infrastructure Development Fund has completed its first investment with a major stake in Darwin-based bottled water production company, NT Beverages.

It is believed the investment is about $10 million although the NTIDF would not confirm the figure.

The NT Government and Territory taxpayers have seeded the NTIDF with a $200 million investment from funds set aside from the controversial sale of TIO.

NT Beverages, which arrived in the Territory with much fanfare, extracts and bottles high quality mineral-rich natural artesian spring water from Acacia Hills.

The water is distributed under the brand Akuna Springs. The group opened its bottled water plant facility in East Arm in 2016 and is now an established producer of high quality Australian water products. In addition to expanding its domestic foothold, the company has secured a major customer in Korea with China, Bahrain, Dubai and India as future target export markets.

The money invested in NT Beverages will fund new equipment to expand NT Beverages’ production capability.

While just how much the NTIDF has put into NT Beverages would not be revealed due to “commercial confidentiality”, the funds chairman Les Fallick said the investment in NT Beverages is the first of many anticipated by the fund, which has a mandate to invest in projects that support the long-term economic growth of the Territory.

Treasurer Nicole Manison has backed the Territory infrastructure development fund’s interest in a space centre in Arnhem Land. Mr Fallick said NT Beverages is well placed to grow export sales and create employment.

“With major international markets on the company’s doorstep we can reinforce Darwin’s strategic advantage as a manufacturing and shipping hub,” he said.

The Territory investment in NT Beverages will be “actively managed”.