Mexico's Groupo Modelo said on Friday that it has signed an exclusive distribution deal with the producer of one of China's most popular beers, Tsingtao.

The deal was reached on the sidelines of the 16th International Beer Festival currently going on in the eastern Chinese seaside city of Tsingtao.

The inclusion of Tsingtao in Modelo's portfolio "is another indicator of the globalization process in which Mexico and Grupo Modelo are immersed," the company said.

The Chinese brewing company is selling its products in 50 nations, while Modelo's business covers more than 150 countries.

Founded in 1925, Moedlo has established itself as the leader in the Mexican beer industry. It accounts for 63.1 percent of Mexico's beer sales and exports.

Source: Xinhua