The Enforcement Directorate, a central agency, conducted raids for five continuous days from March 6 across the state-owned Tamil Nadu State Marketing Corporation (TASMAC) offices, distilleries and breweries to investigate into purported irregularities in the liquor trade in the state.
The ED has uncovered a liquor scam involving the Excise and Prohibition Minister V. Senthil Balaji and other senior leaders of the ruling DMK party. The ED is alleging that distilleries across the state were inflating expenses and fabricating purchases, particularly through bottle-manufacturing companies, to siphon off around ₹1000 crore into untraceable funds and shell companies.
Balaji termed the allegations false and stated, “I will face this legally. The specific FIR details mentioned in the ED statement are missing. There are no irregularities. They are creating an image as if there are irregularities.”
The ruling DMK government has termed the raids as ‘political vendetta’. The Tamil Nadu Deputy Chief Minister, Udhayanidhi Stalin told media persons that Tamil Nadu has been consistent in raising its voice against the three-language policy, (skewed) devolution of finance and delimitation (based on current population). “Hence the Union government might be using raids by its agencies as a diversionary tactic. They might tell something after the completion of the raids. Let’s wait.”
The ED conducted raids at the distilleries and breweries in Chennai and Coimbatore, at the residence and offices of friends of Excise and Prohibition Minister V. Senthil Balaji at Karur, at the head office of TASMAC at Egmore in Chennai, regional offices and residences of TASMAC managing director S. Visakan IAS, and few other top officials linked to TASMAC.
4,829 outlets
The ED has asked the TASMAC district officers across to gather and collate data about bar licences, purchase and sales indents, licences of breweries and distilleries and other financial records of all the 4,829 TASMAC retail outlets in the state, to be submitted to the ED through the TASMAC managing director’s office.
Last year, the report of the Comptroller and Auditor General (CAG) which was tabled in the Tamil Nadu Assembly, had revealed that outlets of TASMAC did not pay the differential excise duty of close to ₹30.5 crore due to the revision of rates of Indian Made Foreign liquor, even as the MRPs were revised. It also flagged several other issues like cash-based billing, over-charging and lapses in e-procurement system etc. The TASMAC fetches ₹44,000 crore as annual revenue for the government.
According to media reports at least 41 FIRs resisted by the Directorate of Vigilance and Anti-Corruption (DVAC) against the discrepancies in purchase and sales in TASMAC, in the past 15 years, were taken as the basis for the investigation by the ED officials. The investigation was also looking into the bar licences issued through a tender process across the state in 2023. The ED enquired about the details with regard to the selection process for giving out bar licences, details of the bar owners across Tamil Nadu, their political affiliations, MRP violations, bar procedures, liquor procurement, and information on breweries, distilleries, and FL2 (Recreation Clubs) and FL3 (Star hotels) licensees, including their addresses.
The media reports mentioned that raids were also conducted at Kongu Mess, Sakthi Mess and at the residences of the owners of these outlets; but these did not yield any results. The owners of these two restaurants in Karur are said to be friends of Minister Senthil Balaji and have been under the ED scanner for quite some time.
A team of around 35 officers from Kerala, Delhi and Andhra Pradesh conducted the searches simultaneously to assess the financial irregularities in TASMAC. However, DMK sources say that the raids did not yield anything as expected by the agency, and this was a prelude to the upcoming raids and searches in the run up to the 2026 elections. The raids, sources say, were targetted at Balaji who is already on bail in the cash-for-job scam case.
The Jammu & Kashmir People’s Democratic Party (PDP), led by Mehbooba Mufti, has started a signature campaign seeking prohibition. The PDP has called the ruling National Conference of Omar Abdullah a government indulging in ‘hypocrisy’.
Across Srinagar, the PDP has put up posters seeking a ban on liquor sales and urging tourists to ‘respect local culture and traditions’. The campaign was spearheaded by Iltija Mufti, daughter of Mehbooba Mufti. Even as posters are coming up the police is getting the posters removed.
But what is more surprising is that the government had conducted an economic survey and presented it to the Assembly. The report projected a 4% increase in excise revenue, expected to touch ₹2,000 crore in 2024-25. The rise is attributed to policy changes, including strengthened tracking mechanisms, transparent auctions for liquor vends, and an overhauled excise framework.
PDP has led the charge, with MLA Fayaz Ahmad Mir submitting a bill to ban the “advertisement, sale, purchase, consumption, and manufacture of alcoholic drinks” in the region. The National Conference and independent legislator Sheikh Khurshid Ahmad followed suit with the BJP also voicing support.
In Jammu, the former J&K BJP president Ravinder Raina had earlier staged protests against alcohol sales. PDP chief and ex-CM Mehbooba Mufti’s daughter Iltija launched a signature campaign recently to rally public backing, vowing to take it to every constituency in Kashmir. “We want J&K to be declared a dry state like Gujarat and Bihar,” Iltija said. “J&K is called the land of rishis and peers (Sufi saints). We have our own sensitivities, culture, and customs. That should be respected.
Recently traders at Srinagar’s historic Lal Chowk had put up posters that, after welcoming tourists, said, “For a memorable and enjoyable trip, we kindly request: Love and cherish your family, avoid liquor, drugs, spitting on roads and smoking. Respect our culture and traditions”.
The Indian Premier League (IPL) jamboree is going to commence from March 22, coming soon after the ICC Champions Trophy which India won. In India, to state the obvious, cricket has the highest viewership and liquor companies have been taking the route of surrogate advertising. However, this time, the Ministry of Health and Family Welfare wants to crack the whip on surrogate advertising.
In a letter addressed to the IPL chairman Arun Singh Dhumal and the Board of Control for Cricket in India (BCCI), the Ministry has urged the two entities to ban the sale of tobacco and alcohol products at all IPL-related events and sports venues. It also said that all forms of tobacco and alcohol promotions, including surrogate advertising, is prohibited. The directive covers advertisements at stadiums, IPL-related events, and national television broadcasts during matches.
In a letter dated March 5, director general of health services Atul Goel also called on the cricket board to prevent players and commentators from endorsing tobacco or alcohol-linked products, either directly or indirectly. Cricketers serve as role models for young people, making it crucial for the IPL to uphold its social responsibility, he said and added that the IPL, being the country’s biggest sporting event, has a duty to support public health initiatives and align with government efforts to curb tobacco and alcohol promotion.
Non-communicable diseases (NCDs) such as heart disease, cancer, chronic lung conditions, diabetes, and hypertension are a major health concern in India, contributing to over 70% of annual deaths, Atul Goel stated while highlighting the growing burden of these illnesses and the need for stricter regulations to curb their risk factors.
“Tobacco and alcohol use are key risk factors for NCDs. We rank second in tobacco-related deaths worldwide; with nearly 14 lakh annual deaths, while alcohol is the most common psychoactive substance used by Indians,” he said.
Major sponsors during ICC Champions Trophy
During the recently concluded ICC Champions Trophy, played in Pakistan and Dubai, saw Oaksmith Packaging Water advertising majorly. JioStar which was the official broadcaster and streaming platform for the mega event had confirmed sponsorship from Dream11, Pernod Ricard India, Beam Suntory, Kohler, Birla Opus, Vodafone Idea, ICICI Direct among others.
CCPA Keeping a Tab
Ambrosia has been writing about the issue of advertising restrictions for liquor companies in India and also how surrogate advertising has crept in. Often times, the Central Consumer Protection Authority (CCPA) urges companies to guarantee compliance with advertising norms, after getting complaints of liquor brands breaching surrogate advertising regulations, over the past three years, particularly during major cricketing events.
The CCPA only recently had issued notices to 13 companies, including major alcohol, tobacco and paan masala makers, for resorting to surrogate advertising. Surrogate advertising is a deceptive practice where a company promotes products that are banned from direct advertising by promoting other products under the same brand name from the same company.
In 2022, the government had announced guidelines to curb misleading advertisements and endorsers by banning surrogate ads, while imposing strict norms for those advertisements that seek to lure consumers offering discounts and free claims. The guidelines on “Prevention of Misleading Advertisements and Endorsements for Misleading Advertisements, 2022” seeks to regulate advertisements targetting children.
Action against violation of the guidelines will be taken as per the provisions of the Consumer Protection Act (CPA), which provides for a penalty of ₹10 lakh for first offence and ₹50 lakh for subsequent contravention, it said.
The CCPA had requested a list of products marketed under the same brand as alcoholic beverages, known as brand extensions, besides seeking revenue and turnover data related to the sale of alcobev and also the brand extension products such as mineral water, playing cards, music CDs etc. In the light of some companies sponsoring events, the CCPA also sought sponsorship details of events, payments to celebrities and influencers etc. The idea was to ascertain the correlation between the actual sales of brand extension products and the expenditure on promotions. The reason given is not to encourage drinking. It has cited the World Health Organisation (WHO) which has mentioned that bans or comprehensive curbs on alcohol advertising “are cost-effective measures” in the interest of public health. Its data shows India’s consumption of alcohol per person will rise to nearly 7 litres in 2030, from about 5 litres in 2019, a period over which fellow Asian giant China’s consumption will drop to 5.5 litres. And alcohol-related deaths in India stood at 38.5 for every 100,000 of its population, versus 16.1 for China.
The spirits industry continues to be male-dominated, the reasons for that are many, including the taboo attached to drinking in some societies. But with premiumisation, responsible drinking, liberal society, near gender-parity, consumerism etc. the taboo is gradually disappearing. What is heartwarming is that women have broken the glass ceiling, entering the realm of the alcobev sector in varying capacities. On March 8, International Women’s Day, Ambrosia salutes these women who have dared to shatter the man-made myths. The best part is that the women force has dared to dream, creating brands that have raised the bar, so to say, in the alcobev sector.
Hina Nagarajan at the helm
We begin at the pinnacle that is with Hina Nagarajan, who till recently was the Managing Director and CEO of Diageo India, and has now moved on to a higher position in Diageo’s Global Executive Committee. From April 1, 2025, she takes on a new role as President of Diageo Africa. This will be her second stint in Africa, where she previously served as Managing Director of Africa Emerging Markets. Over the past four years as MD & CEO of Diageo India, she led a passionate and dedicated team to achieve many milestones, delivering a strong financial performance, and navigated challenges in a highly regulated environment. Under her leadership, Diageo India’s market capitalisation crossed ₹1 trillion up from about ₹45,000 in mid-2021.
Prior to joining Diageo, Hina spent over 30 years in the FMCG industry and held several leadership positions at Reckitt, Mary Kay India and Nestlé India during her career. Her most recent position before joining Diageo was as Sr. Vice President, Regional Director of Reckitt, North Asia since mid-2015, leading the business operations across China, Hong Kong and Taiwan.
Hina, a product of Delhi University and subsequently from the renowned Indian Institute of Management, Ahmedabad, is an accomplished senior leader with a proven track record in business transformation and development in complex emerging markets. She has a unique and versatile experience of building high quality and growth businesses in the diverse power markets of India, China, SE Asia and Africa across several sectors (food & beverage, health & hygiene, nutrition, beauty, home décor).
As a top woman leader, she is a strong advocate of creating opportunities for women and contributes extensively to Inclusion & Diversity Programmes. Her recognitions in this area include: EMpower Top 100 Ethnic Minority Role Model Lists (2020, 2019); WeQual I&D Award Winner (2019); and Cranfield University Top 50 Women to Watch (2019).
Smart, Young Women Entrepreneurs Changing the Landscape
In post-Covid era, India has seen the emergence of women entrepreneurs like never before and in sectors which one never dreamt of. These smart entrepreneurs have shaken up the world of distilling. They include Varna Bhat, Founder and CEO of Blisswater Industries (makers of Rahasya Vodka); Sakshi Saigal, Co-Founder of Third Eye Distillery (Stranger & Sons Gin); Anjali Shahi and Lavanya Jayashankar, Co-Founders of Speakeasy Spirits (makers of Matinee craft gin); Kasturi Banerjee, Founder & Director of Stilldistilling Spirits India (makers of artisan rum Maka Zai); Yoginee Budhkar and Ashwini Deore, Co-Founders, Cerana Meads; Devika Bhagat, Co-Founder of AdventuristSpirits (makers of Tamras craft gin); Karishma Chandy, Co-Founder of Happenstance Beverages (Pitbull Rum); Nidhi Kedia of Nisaki Gin. The list keeps growing.
The Rahasya of Varna Bhat
Varna Bhat is a dynamic and visionary entrepreneur with over a decade’s experience in brand building, scaling, and communication across diverse industries, including beverages, fashion retail, electronics, sports leagues, and jewellery. Today, she is a serial entrepreneur having founded three companies (including Blisswater) in less than a decade of a sensational entrepreneurial journey. Her parents wanted her to be a civil servant, but she had other interests, entrepreneurship being on the top. As a Goan, something was brewing in her head and that was no secret – vodka – and in Goa it was not difficult to hit upon the right partners for distilling and bottling. Lo, born was Rahasya, a flavoured vodka which is distinctly Indian made from Indian grain with crispy notes. Varna is busy exploring overseas market.
No Stranger to Alcobev, Sakshi Saigal
It was in 2018, Sakshi Saigal, her husband Rahul Mehra and her cousin Vidur Gupta teamed up to set up Third Eye Distillery, yet again from Goa, seemingly a birthing place for young and daring entrepreneurs. Sakshi’s poison was gin, more so when she was in Barcelona, Spain doing her MBA. On returning to India, she thought Indians needed the Barcelona experience of finding gin bars with consummate ease. While she did not venture into setting up a bar, she took a leap (along with her co-founders) to ensure that craft gin was easily available in the bars of the country. Thus, was born Stranger & Sons.
In an earlier interview with Ambrosia, Sakshi had given the genesis of Third Eye Distillery. “It goes without saying that we individually are not just cocktail enthusiasts, but also had access to observe the beginnings of the Gin Revolution first hand. I was working towards my MBA in Barcelona, while Vidur was studying in the UK and Rahul had just set up his craft brewery in Mumbai. While we were tasting and drinking a variety of gins every day–whether in London’s cocktail bars or the Gin Tonics of Barcelona, we were getting well acquainted with the gin landscape. That’s when it piqued our interest as to why India wasn’t up to speed with gin although gin manufacturers all over the world looked to India when it came to sourcing botanicals and we kept encountering brands based on a vision of India that we knew very well had never been a reality. This made us question why products with these botanicals are made everywhere but here. To add to this, there wasn’t any other quality homegrown product then that was conveying the story from our perspective; so, we decided to change that and embarked into a lot of research before setting up Third Eye Distillery.”
Banker-turned-Rum producer: Kasturi Banerjee
“After 16 incredible years in the financial services industry across the UK, India, and Singapore, including a 12-year tenure with Standard Chartered Bank, I took a bold leap into the alcobev industry in 2020. I didn’t just leave banking—I traded spreadsheets for stills, and numbers for nuanced flavours. Driven by a passion for craftsmanship and innovation, I founded Stilldistilling Spirits, a start-up dedicated to crafting premium, homegrown artisanal rum that’s redefining India’s spirits landscape.”
She then took up a six-month bartending course and took up an internship in a bar in Mumbai to turn her passion into a profession. Kasturi then launched Maka Zai and MESMA rum, pioneering India’s premium rum market with distribution in five states, naval canteen, duty-free outlets, and one export market. She is a forerunner in the category through relentless advocacy and on-ground activations, including tasting sessions, trade shows, and masterclasses. “Today, I’m not just building a brand—I’m crafting experiences, challenging norms, and redefining what premium rum means in India. For me, rum isn’t just a product—it’s a narrative of India’s craft potential, and I’m here to bottle that story.”
On the growing number of women entering the alcobev industry, she says “It’s great to see a steady increase in the number of female entrepreneurs entering the beverage sector, across several roles. From restaurant ownership and beverage programme leadership to bartending and spirit founders, there’s a noticeable trend toward greater equality unfolding. Over the past 12 months, both globally and here in India, we’ve witnessed remarkable progress. Opportunities are becoming more accessible to all, and recognition is being rightfully extended regardless of gender.”
Reshaping Perceptions of Agave: Kimberly Pereira
Kimberly Pereira, Chief Operating Officer at Maya Pistola Agavepura (Pistola), has played a key role in the brand’s growth since its launch in 2021. Having spearheaded its popularity across the country, she embodies the spirit of Pistola as a torchbearer for Asia’s first premium aged 100% Agave spirit. Her passion for the brand steers her efforts in all aspects of the business, from production to distribution, as she continues to create a niche for Pistola in the world of spirits.
Kimberly’s tenure at Pistola has been marked by her ability to shape the company’s strategic direction and expansion plans. From her initial role as Sales Manager – Goa (2021-22), and Brand Ambassador (2021-23), to her current position as Chief Operating Officer, she has played a pivotal role in the brand’s evolution and establishment nationally. Her current focus lies in popularising the relatively unknown spirit to the Indian beverage market, presenting it as a refreshing, wild, and authentic alternative to global tequila culture. By reshaping perceptions of a premium, 100% agave and earning the moniker ‘Agavepura’, she is actively creating new avenues of growth through tasting experiences and educational sessions, aimed at enlightening connoisseurs and beverage enthusiasts about the diverse variants of Pistola.
Kimberly’s extensive experience in hospitality, brand management, and the services sectors has fuelled her passion for creating authentic and memorable customer experiences, a principle she holds dear in her role at Pistola. Her international travels and her love for offbeat bars, craft spirits, and unique cocktails have enriched her understanding of the global beverage landscape, further enhancing her ability to cater to the diverse tastes and preferences of the brand’s customers.
Born and raised in Kuwait, and having studied in India and abroad, she has experienced different global cultures during her extensive travels. Outside work, she enjoys hosting friends and family over a home-cooked meal, long drives, photography, or a lazy day at the beach.
Taking the family legacy forward: Sanaya Dahanukar
Sanaya Dahanukar is a dynamic marketing professional at Tilaknagar Industries Ltd. (TI), India’s leading brandy company. As the fifth-generation member of the Maharashtra-based Dahanukar family behind TI, Sanaya brings a blend of legacy and modernity to the company.
She has been an integral part of the organisation for the past two and a half years, working closely with her father, Amit Dahanukar, the Chairman and Managing Director of Tilaknagar Industries. Sanaya’s entry into the family business followed her graduation from the University of California, Berkeley, where she majored in Economics and minored in Philosophy.
Sanaya’s passion extends beyond marketing, as she has also delved into the art and science of alcohol making and blending. She successfully completed the Wine and Spirits Education Trust (WSET) Level 2 course, further deepening her expertise in the industry.
In her role, Sanaya is hands-on in all aspects of marketing, from naming and packaging to brand communication and the execution of campaigns. She is deeply involved in driving Tilaknagar’s new product development strategy, collaborating closely with the blendmaster to shape the next generation of offerings. Aimed at elevating TI’s presence in the premium and luxury segments, Sanaya plays a pivotal role in strengthening the company’s flagship brands and expanding its portfolio. Her contributions reflect her commitment to blending the company’s rich 90-year legacy with innovative strategies for the future.
Swa, Handcrafted by Women: Vaishali Mehta
Vaishali’s journey is a testament to resilience, innovation, and purpose. A proud Gujju born and raised in Kolkata, she grew up in a family where conversations about food and flavours were as central as the meals themselves. With an MBA from Symbiosis University and a successful career in advertising, she honed her skills in building brands and relationships.
Her entrepreneurial spark ignited during her stint with a startup in New York, where she was captivated by the fresh, natural ingredients used in beverages. However, the joy of accessing fresh Alphonso mangoes in the U.S. turned bittersweet upon her return to India, where artificial, preservative-laden syrups dominated the market, even in a country abundant with natural produce!
Determined to change this, she set out to create something of her own – something that would not only celebrate India’s rich ingredients, but also uplift women. Thus, Swa Artisanal Syrups was born. With a focus on natural, preservative-free syrups handcrafted by women, Swa embodies authenticity and empowerment. Vaishali’s dedication to providing skill upliftment and financial independence to marginalised women has made Swa’s production facility a thriving, women-led hub. Under her leadership, Swa has partnered with some of India’s top F&B brands and become a favourite among consumers for its unique, naturally delicious syrups.
Vaishali’s passion lies in creating products that delight customers and solve real industry problems, all while fostering an inclusive, supportive workplace. Whether it’s mixing drinks or building her team, Vaishali ensures Swa is always on the right track – speeding ahead with purpose and heart.
From Programmer to Head Brewer: Vidya Kubher’s journey
Vidya Kubher’s journey to becoming the Head Brewer at Geist Brewing Co. reflects a blend of curiosity and adventure. Initially driven by a love for craft beer as a consumer and a desire to delve deeper into the world of beer, her enthusiasm for the beverage has only grown as she has explored new styles and brewing techniques over the last 13 years.
Prior to beginning her career as a brewer in Bangalore, Vidya lived in Chennai and worked as a programmer at a mutual fund company before joining an auto ancillary business. Vidya would often drive down to Bangalore for work between 2008-2011, which is when she developed a keen interest in beer and began a personal quest to sample as many different brands and styles as she could.
Incidentally, one of these discoveries was Geist beer (which at that time was manufactured and bottled in Belgium using a reverse outsourcing model). Further, travelling to countries like Germany -particularly Munich, for its famed brewing culture – and Belgium over the course of a few years gave Vidya significant additional exposure to this particular beverage category.
Through her conversations with local brewers and other industry professionals during these trips, Vidya realised that various aspects of brewing were interesting to her and a brewing career became the logical next step. Vidya enrolled in a well-regarded and comprehensive brewing technology course: Siebel Institute’s World Brewing Academy Master Brewer Program. The dual-country course across the Siebel Institute in Chicago, USA, and the Doemens Academy in Munich, Germany gave Vidya insight into two distinct brewing cultures, which she credits for giving her a well-rounded and balanced foundation. To hone her skills and gain some hands-on experience, Vidya also spent time training at various breweries and a yeast lab in Europe before making her way back home.
She started working with Geist Brewing Co after reading about their brewery in Bangalore and intentions to set up a yeast lab. Her initial role as a brewer got her involved in Geist’s microbrewery operations at two brewpubs in the city between 2012 and 2016 before becoming responsible for overseeing beer production at the brand’s 10,000 sq. ft distribution brewery – South India’s first – once it was set up in 2017.
As Head Brewer at Geist Brewing Co., Vidya spends her time on various activities such as creating recipes, managing various aspects of brewing and the yeast lab, working on production schedules and even contributing to events. Since 2017, Vidya and her team have been responsible for brewing 40+ different craft beers.
Shaping India’s Cocktail Culture: Minakshi Singh
With 18 years in the alcobev and hospitality industry, Minakshi Singh has played a key role in shaping India’s cocktail culture. She co-founded Cocktails & Dreams Speakeasy in 2012 with Yangdup Lama, followed by Sidecar in 2018, which is recognised among the world’s best bars. Most recently, she launched The Brook, further expanding her impact on the industry.
Her career began with leading global spirits companies like Pernod Ricard, Diageo, and Tulleeho, where she gained deep expertise in beverage strategy and brand-building. Beyond hospitality, she co-founded Drinks India Company, a consulting firm focussed on elevating beverage programmes, and BHUMI, a farm-to-table initiative championing sustainability and local sourcing.
As a co-founder of India Bartender Week (IBW), Minakshi is committed to fostering a strong bartender community through mentorship, knowledge exchange, and industry collaboration, strengthening India’s standing in the global cocktail scene.
In the beginning there was Mead: Yoginee Budhkar & Ashwini Deore
Nashik-based Cerena Meads is the creation of Yoginee Budhkar and Ashwini Deore, both coming together while pursuing their doctorates at the Food Engineering & Technology Department at The Institute of Chemical Technology, Mumbai. Budhkar believes that as the target audience has shifted to include both men and women equally, at least in tier-I and tier-II cities, this change in consumers has naturally led to a change in manufacturers.
Most expensive Indian single malt whisky, priced over ₹10.5 lakh
Celebrating its 75th anniversary, Bengaluru-based Amrut Distilleries launched The Expedition, its oldest single malt whisky, aged 15 years to the world market. To commemorate the occasion, it has released 75 bottles of the limited edition, each priced over ₹10.5 lakhs ($12,000).
Ambrosia was invited for the special launch event where both the bottle and the spirit perfectly captured the essence of the celebration. The Managing Director of Amrut Distilleries, Rakshit Jagdale said that of the 75 bottles, nine would be for the Indian market and the rest going to the US, Europe and other markets. Two of the bottles have been pre-booked.
(L-R): Rakshit N Jagdale, MD, Amrut Distilleries with Bhavya Desai, Group Head & CEO, SAP MEDIA WORLDWIDE LTD and Thrivikram G Nikam, Jt. Managing Director, Amrut Distilleries
Amrut believes that The Expedition will elevate the entire luxury segment, demonstrating yet again the brand’s ability to craft exceptional malts beyond its regular range and setting new benchmarks. Amrut has been at the top of the game of Indian Single Malts, even as India’s premiumisation drive continues to motivate manufacturers to do better.
The Expedition has been matured for 15 years, the first eight years in sherry casks from Europe and then the next seven years in ex-bourbon casks from the United States, thus elevating its complexity and depth. The 15-year maturation period is a milestone in the Indian alcobev sector.
With more and more celebrities entering the alcobev industry, former England Cricket Captain, Kevin Pietersen has made his debut in the Indian Alcobev market with his Dram Bell Scotch Whisky. Bhavya Desai spoke to him about his investment, why India and more. Excerpts:
First things first, it is not often you see a cricketer enter the alcobev market, and naturally that was the first question in my mind – why did Kevin Pietersen (KP) enter this industry? And to my surprise – his decision to enter the liquor industry, particularly the Indian market, stems from a combination of personal connections and a keen eye for opportunity. “Over the past decade, I have closely observed India’s incredible growth across various sectors, including its evolving consumer market. India is one of the largest and most dynamic whisky markets in the world, presenting a unique opportunity to cater to its growing demand for premium, high-quality spirits.”
And it is his zeal to create something meaningful and impactful is what drew him into this opportunity. The Dram Bell Scotch whisky is made by Ardent Alcobev Pvt. Ltd., a JV between Rajasthan Liquor Ltd. (RLL) and Industry veterans, Debashish Shyam and Jatin Fredericks, in which KP is a marquee investor.
Now it isn’t common for a known face to invest in a brand, but KP says that his involvement in the company isn’t just as a mere investor, he is looking to be more involved – beyond financial investment. “I actively contribute to shaping the brand’s vision and consumer experience.” He works closely with the team to curate unique drinking experiences for Indian whisky lovers ensuring that every aspect of Dram Bell reflects authenticity and modern sophistication. “For me, Dram Bell is more than just a brand – it represents my values of quality, dedication and excellence.”
But for a cricketer – what resonates with a whisky? KP says that it aligns with his philosophy of striving for excellence and celebrating craftsmanship. It is a distinguished blend that embodies heritage, authenticity and meticulous attention to detail – qualities that were integral to his journey as a professional cricketer.
And Ardent has been really smart, they aren’t only relying on the star power of KP. They’ve found themselves a company that has in-depth experience in blending, bottling and distilling whiskies. The whisky is produced by Robert Castle, a wholly owned subsidiary of Angus Dundee Distillers and also holds one of the largest reserves of Scotch whisky in Scotland.
Ian Forteath, Master-Blender, Dram Bell Scotch Whisky
The blend involves using Generation 1 and Generation 2 casks, which mature both grain and malt whiskies to create a multi-layered flavour profile. And that is precisely what Dram Bell’s Master Blender and Global Brand Ambassador, Iain Forteath was looking to create.
But in an already saturated market, with opportunity, Dram Bell’s mantra for success is a combination of factors. Understanding the consumer’s preferences and offer something premium, like a bottled-in-origin whisky and at the same time price the product in such a way, that it bridges the gap between IMFL whiskies and high-end imported brands, atleast thats the plan.
“Dram Bell is driven by three key factors, Craftsmanship & Quality – Blending Tradition with Innovation, Consumer-Centric Pricing and Value Proposition and Widespread Distribution & Consistency,” says the former cricketer.
Pietersen’s experience with the Indian market has been positive thus far. The shift towards premiumisation and the increasing demand for high-quality spirits reflect the evolving preferences of Indian consumers. And the initial response to Dram Bell in Maharashtra has been overwhelmingly positive, with over 80-85% distribution in key retail outlets within the first two months. This reinforces the potential and growing appetite for premium Scotch whisky in India for him.
I’ve always admired India for its diversity and progressive consumer mindset, and this venture has only deepened my belief in the market’s immense opportunities he adds.
Dram Bell is available in two variants currently – Dram Bell Premium (₹1,750) is positioned just ₹200 above premium IMFL and Dram Bell Reserve (₹2,450, aged 5 years). Ardent is upbeat about the Reserve since most products in its segment feature a 3-year-old Scotch, whereas they are offering a 5-year blend.
Following its launch in Maharashtra, the makers are looking to expand their footprint across India with the Northern States of Haryana, Rajasthan, Punjab and Delhi as the next markets. “Over the next 12 months, we aim to establish a presence in most of India’s major liquor markets.”
Now I also had the chance of doing the first exclusive review of the Dram Bell Premium Scotch Whisky and I surely had some thoughts. You can look for the review on the website of click on the embedded link.
The Congress-I government led by Chief Minister, Revanth Reddy has permitted the Telangana State Beverages Corporation Limited (TSBCL) to increase beer prices by 15%, following a request from the Brewers Association of India (BAI) and a brief supply halt by United Breweries which wants the government to clear its dues.
According to the revision, popular brands are going to cost more by ₹30 to ₹50 per bottle. While officials termed it a 15% increase, the actual maximum retail price (MRP), including taxes, has gone up by 15% to 19% for consumers.
Beer prices in Telangana (650 ml)
Brand
Old MRP
New MRP
Difference
Heineken
230
270
40
Kingfisher Ultra Witbier
320
370
50
Kingfisher Ultra
210
250
40
Kingfisher Ultra Max
220
260
40
Amstel Strong
190
220
30
Kingfisher Premium
150
180
30
Kingfisher Strong
160
190
30
RCL
150
180
30
Green Deer
150
180
30
Haywards 5000
160
190
30
Knock Out
170
190
20
Budweiser
210
250
40
Budweiser Magnum
220
260
40
Corona (330ml)
210
250
40
Hoegarden (330ml)
230
270
40
On January 8, United Breweries Ltd (UBL) had suspended the supply of its beer to TSBCL due to unpaid dues for past beer supplies. UBL in a regulatory filing also stated that this decision was made due to the non-revision of the company’s beer prices since 2019-20 leading to significant losses in the state. Later, UBL resumed supplies.
BAI Welcomes Hike
The Brewers Association of India has welcomed the Telangana government’s decision to hike beer prices and urged the government to release the dues to the beer industry at the earliest. “Though the increase being allowed is less than the increase in the cost of production or what the industry was expecting, we welcome it as it signals that the government is mindful of the concerns of the industry on business viability in the state and has followed through on its promise of looking into it,” the BAI said in a statement.
A market-driven system is the most efficient way to benefit everyone, and we will continue to engage with the government to advocate for this approach, said Vinod Giri, Director General of BAI. “We have full confidence in Chief Minister Reddy’s leadership and wisdom, and we hope the issue of outstanding payments for beer supplies made between February and August last year will also be resolved promptly,” he added.
Giri further emphasised that Telangana is a key state for the beer industry. Being a high-volume product, locally-made beer has a significant economic impact on the state’s supply chain, employment, ancillary industries, logistics, and the hospitality sector.
The government, it must be mentioned, had set up a price-fixing committee, comprising a retired judge, a retired senior IAS officer, and a chartered accountant. The committee, it is said, considered the price inflation in raw materials and beer prices in neighbouring states, before arriving at the revised prices.
According to official data, there are nine distilleries and six beer factories in Telangana, including one belonging to UBL. There are seven other beer companies that sell beer in Telangana but manufacture them in other states. Overall, 51 liquor and beer companies are selling 1,031 varieties of hard liquor and beer in the state through 2,620 liquor shops and 1,117 bars and pubs. These include 50 locally manufactured brands and 36 non-local brands. Every month, 45 lakh to 55 lakh cases of beer are sold, making Telangana one of the largest beer-consuming states. In comparison, only 30-35 lakh cases of hard liquor were sold, highlighting that beer is sold more in the state. The excise department’s annual contribution to the state exchequer is about ₹36,000-₹40,000 crore in revenue.
With summer around the corner, beer drinking in Telangana is going to see a surge, price hike or no price hike.
In the recent past, the stock market has crashed massively with the BSE Sensex going below 77,000 and the NSE Nifty50 also saw a sharp decline. Most broader market indices have been in the red. At the time of writing on February 13, the Sensex and Nifty were trading higher bringing relief for investors, following a six-day decline. The rise has been attributed to the meeting of the Indian Prime Minister Narendra Modi with the US President Donald Trump and the appreciation of the rupee against the dollar.
How have the liquor stocks been performing in this backdrop. It is reported that a few liquor stocks are outperforming consumer staples, even though there is slowdown in consumption. Brokerage firms are betting on some liquor stocks, the notable ones being Radico Khaitan and United Spirits. Some brokerage firms have estimated an upside potential of up to 19%, while some others have given six stocks a growth potential of 7% to 54%, something to cheer.
This is despite the demand environment remaining muted in Q4 FY24 due to inflation. In the previous quarter, liquor companies have had higher sales, thanks to the festive season, Cricket World Cup and wedding season.
United Spirits, a good bet
Though United Spirits, with famous brands such as Johnnie Walker, Black & White, Black Dog, Signature, Royal Challenge, McDowell’s No.1, Smirnoff and many more, had subdued sales in Q4 FY24, it is now focussed on premiumisation, in line with global trend of upgrading to better brands.
For the fourth quarter of FY24, the company recorded consolidated net sales of ₹2,666.00 crore, down from ₹2,989.30 crore in the December quarter and ₹2,864.70 crore in the September quarter. For the nine months ending December of the current financial year, the company notched up net sales of ₹18,995.50 crore, compared to ₹7,879.90 crore in FY22, ₹6,946.60 crore in FY21, and ₹5,664.80 crore in FY20. PAT for the nine months of the current year stood at ₹927.60 crore, compared to ₹847.70 crore in FY22.
United Spirits stock is trading at ₹1394.50 (down 3%) with the 52week low being ₹1075 and the high being ₹1700. If an individual had invested ₹1 lakh on February 12, 2020, it would now be worth ₹2.02 lakhs.
Radico Khaitan Riding High on Premiumisation
The next company to watch is Radico Khaitan, manufacturers of Rampur Indian Single Malt Whisky, Magic Moments, Dazzle Vodka, 8PM whisky and more. The company, one of the largest manufacturers of Indian Made Foreign Liquor (IMFL), which has 30 plus bottling units, over 75,000 retail outlets, reported an increase of 27.05% in its consolidated net profit to ₹95.48 crore in the third quarter ended December 2024. The company had posted a consolidated net profit of ₹75.15 crore in the October-December quarter a year ago, according to a BSE filing from Radico Khaitan.
Its revenue from operations went up 8% to ₹4,440.90 crore during the quarter under review. The figure was ₹4,111.23 crore in the corresponding quarter of the previous fiscal. In the December quarter, Radico Khaitan’s total IMFL volume was at 8.36 million cases, up 15.3% year-on-year. The Chairman & Managing Director Lalit Khaitan said, “Despite challenges in overall consumption growth, the spirits industry in India has experienced strong momentum, particularly driven by premium brands. In this context, we have delivered an impressive operational performance in Q3 FY25.”
Radico Khaitan is driving a premiumisation strategy which has benefitted the company’s financials. The premium products category is growing at over 20%. Rampur India single-malt whisky is gaining popularity by the day, all of which are driving EBITDA margins to 17-18% and improving the cash flow. The company expects these positives to result in a sharp fall in its debt levels by FY26.
If an individual had invested ₹100 in Radico Khaitan in 2021, it would now be fetching ₹242.81. The stock is trading on February 13, 2025 at ₹2,119 (down by ₹118 for the day).
United Breweries 17% gain in a year
United Breweries, subsidiary of Heineken N.V and makers of Heineken, Kingfisher Premium, Zingaro, Kalyani Black Label, London Pilsner etc., had gained 3.9% in trade following Heineken N.V reported its 2024 full-year results. The market capitalisation of the company stood at ₹54,561.32 crore. The 52-week high of the stock was at ₹2,299.4 per share and the 52-week low of the stock was at ₹1,645.8 per share.
UB is a market leader and its brand Kingfisher grew in volume in mid-single-digit, while Kingfisher Ultra and Heineken Silver volumes grew in the mid-thirties, gaining segment market share. UB shares have gained 17% against Sensex’s rise of 7.3% in the past one year.
Sula Vineyards Robust Growth
India’s largest wine producer, Sula Vineyards, has reported robust growth in its premium wine portfolio and wine tourism segment for the third quarter (Q3) and nine months (9M) of FY25, despite a challenging market environment. The company, known for its expansive range of wines and innovative wine tourism initiatives, announced its financial results, showcasing resilience and strategic adaptability.
In its latest performance update, Sula posted its highest-ever 9M net revenue of ₹489.2 crore, marking a 1.7% year-on-year (YoY) growth. This growth was largely driven by the company’s premium and elite wine brands, which saw a 5.6% YoY increase in Q3. The share of these higher-end labels in the company’s portfolio reached an all-time high of 80.5% in Q3, up from 77% last year, reflecting Sula’s strategic focus on catering to India’s evolving taste for luxury and quality.
Wine tourism, a key differentiator for Sula, also shone brightly, recording a remarkable 11.6% YoY growth in Q3 revenue. This was attributed to a vibrant festive and wedding season, coupled with higher guest spending, improved occupancy rates (81% compared to 76% in the previous year), and an increase in Average Room Rates (ARR).
However, the company faced significant headwinds in Q3, impacting profitability. The reduction in WIPS credits resulted in a direct EBITDA impact of ₹4.7 crore for the quarter, contributing to a 26.3% decline in EBITDA to ₹53.9 crore. Profit After Tax (PAT) also fell by 34.7% YoY to ₹28.1 crore, reflecting the pressures on margins.
Sula Vineyards share price is ₹317.55 as of February 13, having a 52 Week high of ₹639.95 while 52 week low is ₹308.10. Some brokerage firms are suggesting investors to hold on.
Tilaknagar Industries confident
Tilaknagar Industries Ltd., primarily engaged in the manufacture and sale of IMFL and extra-neutral alcohol, has brands such as Courrier Napoleon Brandy-Green, Mansion House Whiskey, Lumumba, Apple Fizz, Madira Rum, Brandy Smash, Warm Punch, etc.
Tilaknagar Industries for nine months FY25 had a net revenue from operations at ₹1,028 crore v/s ₹1,035 crore the previous period. The EBITDA improved by 28.6% to ₹176 crore v/s ₹137 crore; adjusted for the subsidy income. Volumes grew 2.1% to 84.9 million cases, while the net service revenue stood at ₹1,227 per case.
However, the company’s share price had hit 20% lower circuit at the time of writing, following the Bombay High Court’s dismissal of its petition in a trademark dispute involving the Mansion House brand. The company is going on an appeal on the Court order. The share price on February 13 was ₹261, the 52 week high been ₹457 and the low been ₹182.05, with a lot of promise. The alcobev market in India has been growing gradually over the years, thanks to the rising disposable income, urbanisation and retail innovations, all of which are making liquor stocks a good bet, despite the industry been highly regulated and prohibition in place in some states. The alcobev sector is dynamic, attracting investors as demand for alcobev products sees no decline. India’s alcohol industry is projected to reach sales of US$ 112,338.9 million by 2034, indeed a bet worth taking.
The Karnataka Government on January 8 has issued a final notification with regard to hike in beer prices. The draft notification on increase in duty on beer was made first on August 23 last year. According to the Excise Department, henceforth, beer prices will be linked to the content of alcohol in it.
This is the third revision in beer prices by the Congress government in the state since July 2023. The first hike was in the July 2023 budget in which the Chief Minister had announced a 10% hike in Additional Excise Duty (AED) on beer and 20% hike in AED on all the then 18 slabs of Indian Made Liquor (IML). In January 2024, AED on beer was increased by 10% – from 185% of the declared price to 195% of the declared price.
Beer pricing has been categorised into two slabs, depending on the alcohol content. The Excise Duty (ED) on mild beers with alcoholic content less than or equal to 5% v/v has been pegged at ₹12 per bulk litre (pbl) and ₹20 pbl for stronger beers containing 5-8% alcohol. Earlier, the ED on beer was ₹10 pbl, irrespective of alcohol content.
Karnataka has made it mandatory for breweries to prepare beer – fermented liquor “from malt or grain with or without sugar and hops, and include ale, black beer, porter, stout and spruce beer” and ensuring that the sugar content is “not more than 25% by weight.” Breweries have been asked to declare the ingredients of beer.
In Karnataka, nearly 75% of total beer sales is accounted for by strong beers and some of the breweries ferment using high sugar instead of malt.
The Congress government explained that the hike was necessary to plug the revenue gap in the excise department, despite increase in liquor sales. The President of the Federation of Wine Merchants’ Associations, Karunakar Hegde said the hike is going to impact the market adversely. He added that supplies of beer had been affected and production had slowed down.
Ardent Alcobev has launched its new Blended Scotch Whisky for Maharastra in Mumbai. The launch event was held at Imara – Turf Club in Mumbai. The event was hosted by Kevin Pietersen, former England cricket captain and marquee investor in Ardent Alcobev, along with the co-founders.
The scotch whisky is exclusively bottled in Scotland and is available in two variants – the Premium variant, priced at ₹1,750, and the Reserve variant, priced at ₹2,450. According to the makers each bottle represents a blend of heritage and modern sophistication, offering a luxurious experience for whisky connoisseurs. Dram Bell is currently available in Maharashtra from November 2024 and will be available at select retail and on-trade stores. The company also plans to progressively expand distribution into other key markets in the North and South India.
Expressing his enthusiasm for the launch, Kevin Pietersen shared his personal connection to the brand and the philosophy behind Dram Bell. “My investment in Ardent Alcobev is more than just a business decision; it’s a reflection of my values. Throughout my career, whether on the cricket pitch or in other areas of life, I’ve always valued dedication, quality, and the pursuit of perfection.”
Iain Forteath, Master Blender at Ardent Alcobev and Kevin Peterson at the launch
The evening also witnessed an exclusive Whisky Masterclass led by Iain Forteath, Master Blender at Ardent Alcobev. The interactive session provided attendees with an opportunity to taste various expressions of Dram Bell, while discovering whisky blending and tasting.
Commenting on the launch, Debashish Shyam, Co-Founder and Director of Ardent Alcobev, shared, “We are redefining India’s premium whisky market with a blend that showcases unmatched quality and craftsmanship. With Kevin Pietersen as a strategic partner, we raise the brand’s profile by bridging the gap between international acclaim and preference of Indian market. We are confident that it will appeal to whisky connoisseurs as we merge global standards with local tastes to shape the future of Indian whisky, catering to the evolving preferences of IMFL drinkers.”
