Kirin Holdings Company, Limited (TSE:2503) is in talks to invest $70 million in B9 Beverages Pvt. Ltd. (Bira), four sources told Reuters, doubling down on the fast-expanding South Asian market at a time when it is facing pressure on growth at home. Kirin, which first invested $30 million in Bira for an under 10% stake last year, is set to pump in the additional funds at an equity valuation of $450 million, the sources said.

Negotiations between the Japanese company and Bira's owners are in the final stage, one of the sources said. The latest deal talks come as Japan's major drinks makers are facing a steady decline in revenue from alcohol sales as the domestic population shrinks and younger people drink less than in previous decades, forcing the companies to expand overseas or foray into new markets. Kirin's plan for additional investment in Bira comes even as the Japanese yen has fallen to 24-year lows, which is set to raise the cost of overseas acquisitions for local companies.

According to two of the sources, Kirin would have a total stake of roughly 15% in Bira once the latest funding round closes. Mitsubishi UFJ Financial Group, Inc. (TSE:8306) is also in talks for participating in the round with a $15 million investment, the sources added. Bira CEO Ankur Jain declined to comment for this article.

Kirin and MUFG also declined to comment. The sources declined to be named as the deal discussions are private.