Author Archives: Janhavi Panani

Cheers to Celebration: The Rise of Premium Liquor in Diwali Gifting

As Diwali lights up homes across India, another sparkling trend is taking shape, premium liquor as the new-age festive gift. Once considered unconventional or even taboo, gifting fine spirits has now become a symbol of taste, status, and sophistication among urban consumers.

Whether it’s an aged single malt, a small-batch gin, or a limited-edition rum, curated liquor hampers are increasingly seen as a gifting option, away from traditional dry fruits and sweet boxes. High-end Indian craft brands, too, are getting their moment in the spotlight, from Paul John Whisky and Camikara Rum to Stranger & Sons Gin, all packaged in sleek, festive designs that make them ideal for gifting.

For corporates, especially in metros, premium alcohol has emerged as the “relationship gift” of choice, a token of appreciation that blends indulgence with exclusivity. Many retail chains and e-commerce players are also reporting a surge in demand for boutique and collectible labels ahead of the festive season.

However, gifting liquor in India still walks a fine line. With varying state laws and restrictions on alcohol gifting, most transactions occur discreetly, often in the form of personalised hampers or event-specific collections curated by licensed vendors. Despite the regulatory maze, the sentiment remains clear: Diwali is not just about lights and sweets, it’s also about raising a toast to good times and good company.

Here are some gifting options as well as recipes that will add to the sparkle of Diwali celebrations.  From thoughtful pairings to ready-to-pour hampers, here are some must-haves to pick up on your way to the next celebration.

Godawan Artisanal Single Malt

This festive season, Godawan Artisanal Single Malt—the most awarded Indian single malt in recent years—unveils an exclusive gift pack that captures the spirit of mindful luxury. Each pack features a bottle of your choice, either Godawan 01 Rich & Rounded or Godawan 02 Fruit & Spice, paired with a handcrafted crystal glass that elevates the whisky-drinking experience. Adorned with elegant ethnic motifs inspired by Rajasthan’s artistry, the pack is a refined celebration of craftsmanship, purpose, and timeless design—making it an ideal keepsake for the season.

Price & Availability: ₹2800-₹6000 in Delhi, Rajasthan, Karnataka, Punjab, Haryana, Uttar Pradesh, Maharashtra, Goa, Telangana, Assam, Chhattisgarh, and Madhya Pradesh.

Geist Brewing Compnay x Amrut Distilleries – Stout Cask Finish Indian Single Malt Whisky

If there’s one bottle that captures Bangalore’s craft spirit this festive season, it’s the Geist Brewing Co. x Amrut Distilleries Stout Cask Finish. Limited to just 224 bottles, this collaboration brings together Geist’s bold Imperial Stout and Amrut’s world-renowned single malt expertise. The result is a rare stout cask–finished Indian single malt whisky that bridges the worlds of beer and whisky.

The story began when Amrut sent freshly emptied whisky barrels to Geist, where they were used to age the brewery’s Imperial Stout. Once the beer had picked up delicate whisky notes, the same barrels returned to Amrut, this time to finish their single malt. The result is a whisky layered with roasted malt, chocolate, and oak—bottled unfiltered at 46% ABV. Rich and complex, it’s an inventive expression of Bangalore’s craft culture.

Price and Availability: At select retail stores across Bangalore, priced at ₹7,500.

Diwali With Marriott Bonvoy

This Diwali, celebrate with the seventh edition of Diwali with Marriott Bonvoy, where traditions sparkle, artistry delights, and every mithai takes one to India’s diverse delicacies for Diwali. The specially curated festive boxes blend the richness of heritage with a contemporary touch. Available in options including the Box of 36 Sweets (₹2,800 + GST), Box of 18 Sweets (₹1,800 + GST), Variety Box of Nuts & Sweets (₹2,100 + GST), Festive Crunch Box (₹1,200 + GST), and Diwali Treasures (₹1,500 + GST) there’s something to make every moment special.

The exquisite festive boxes are available at Marriott Bonvoy hotels across India. Pre-booking is now open, with availability till Diwali.

Dewar’s Double Double 21

Crafted using an innovative four-step aging process, Dewar’s Double Double 21 allows single grain and single malt blends to fuse multiple times in their oak casks before their final ageing together. This blended liquid is then processed in a selection of sherry casks that give subtle notes of cinnamon, ripe vine fruits, and a smooth, lingering finish.

Price: ₹17,500

Dewar’s 12-Year-Old – A Timeless Blend of Elegance and Flavour

Dewar’s 12-Year-Old is a masterfully crafted Scotch whisky, double-aged to enhance its smoothness and depth. A delightful harmony of honey, vanilla, and spice makes it a crowd-pleaser, whether served neat, on the rocks, or in a classic highball. Its well-balanced profile and creamy finish make it an excellent choice for those who enjoy a refined yet approachable whisky.

Price: ₹4,000

MONIN Introduces a New Indian Rasa Range Specially Curated for Diwali

MONIN India brings its own touch of sparkle with the Indian Rasa Range, a collection that celebrates Indian flavours. Rooted in the campaign theme “Brighter With You”, the range reimagines India’s most beloved tastes through a modern lens—inviting chefs, baristas, mixologists, and home creators to rediscover the joy of flavour during the season of lights. 

At the heart of the launch is MONIN’s Chai Tea Concentrate, a contemporary ode to India’s favourite comfort cup. Infused with the warmth of cardamom, cloves, and ginger, it’s as versatile as it is nostalgic, perfect for everything from spiced lattes to creamy desserts and festive cocktails. 

The range includes Rose: Floral and fragrant, reminiscent of classic mithai; Spiced Jamun: Tangy and playful, a nod to India’s street-side indulgences; Raw Mango: A refreshing balance of sweet and sour, evoking summer nostalgia; and Hibiscus: Bright and floral, modern yet rooted in tradition. 

The range has been designed in line with insights from MONIN India’s recent trend study, “Reimagining Indian Drinks and Desserts for Modern Hospitality Menus in 2025”, enabling chefs and baristas to bridge traditional flavours with global presentation. 

Diwali is a moment of gratitude for us at MONIN—a celebration of creativity, connection, and culture,” says Germain Araud, Managing Director, MONIN India. “With Brighter With You, we’re celebrating the people and partners who make our journey meaningful, and the flavours that make India truly special.” 

Adding to this, Sai Harish, Head of Marketing, MONIN India, shares, “India’s beverage culture is constantly evolving—deeply rooted in tradition yet always open to reinvention. The Indian Rasa Range embodies that spirit, encouraging creators to reimagine familiar flavours in fresh, modern ways.” 

Brighter With You: A Celebration of Collaboration – True to MONIN’s spirit of partnership, Brighter With You is an initiative that will see collaborations with cafés, bars, and restaurants across India, where chefs, baristas, and mixologists will craft limited-edition menus and tasting experiences inspired by MONIN’s Indian Rasa Range. Each collaboration will reinterpret festive flavours through a local lens—from spiced beverages and artisanal desserts to inventive cocktails and plated creations— showcasing how tradition can meet innovation on every table. Beyond the menu, select partners will host live demos, workshops, and pairing sessions, offering guests an immersive way to explore flavour and craftsmanship together. 

Price & Availability: The Indian Rasa Range is available through select cafés, restaurants, and bars across India, as well as online via Amazon, Flipkart, Big Basket, Blinkit, Swiggy, and Zepto in 700ml and 250ml bottles.  

 ZOYA Premium Gin – Live. Love . Rejoice.

 When the packaging itself becomes the gift, you can’t say no! ZOYA Premium Gin’s value added pack is with creative AI-generated packaging, making a perfect gift for the festive season. The goblet that comes with it, enhances the premium and immersive appeal.

Types of People You Meet at a Diwali Party – As Cocktails

Every Diwali house party has its own share of personalities who add the real spark. From the

meticulous host with the perfectly done up Pinterest board to the one still texting, “What’s the

address again?”, the best house parties are a perfect mix of people, stories, and spirits. And

what if this Diwali, they were re-cast cocktails?

 Read on to discover your ultimate cocktail twin with these perfect pours to match every personality.

The Classy Hostess as Vanilla Gintini (ZOYA Premium Gin):

Elegant, composed, and effortlessly charming, this person knows how to make every detail

count, from her playlist to her glassware. Much like the Vanilla Gintini, they blend classic

sophistication with a hint of subtle charm that spells soft power in glass.

The Pour: Vanilla Gintini

Ingredients:

  • ZOYA Premium Gin (60 ml)
  • Vanilla Syrup (15 ml)
  • Cranberry Juice (15 ml)
  • Lime Juice (10 ml)

Garnish: Edible Flower 1 pc

Recipe:

  • Fill a martini glass with ice.
  • Stir all ingredients and garnish to enjoy.

The Old-School Charmer as Smoked Maple Old Fashioned (Woodburns Contempoary Whisky)

A storyteller with a sparkle in the eye and a love for the classics. They don’t rush their evenings or their whisky. The Smoked Maple Old Fashioned is all about this warmth, balance, and timeless taste—making it the perfect pour for the one with the slow sips and good stories shared by the diya light.

The Pour: Smoked Maple Old Fashioned

Ingredients:

  • Woodburns Contemporary Whisky (60 ml)
  • Maple Syrup (10 ml)
  • Angostura Bitters (3 dashes)

Recipe:

  • Burn a nutmeg and let the smoke come out. Cover that Nutmeg with a whisky glass.
  • Stir all ingredients in the whisky glass full of ice.
  • Garnish with orange peel and enjoy!

The Cool Creative as the ARTHAUS Straightpour (ARTHAUS Collective Blended Malt Scotch Whisky)

They arrive fashionably late, with a playlist that instantly takes over the aux. The posterboy for “chill”, this person embodies easy, breezy flair with a little unpredictable twist that ensures they don’t need to do anything to stand out. The ARTHAUS Highball mirrors their spirit —effortlessly smooth with an experimental and artistic edge.

The Pour: ARTHAUS Straightpour (60 ml – served on the rocks!)

The Life of the Party as the Spicy Mule (Russian Standard Vodka)

Fiery, confident, and impossible to ignore, the Spicy Mule channels this person’s infectious energy in every pour. All spark, no dull moment—when they are around, the night is always just getting started.

The Pour:

Ingredients:

  • Russian Standard Vodka (60 ml)
  • Jalapeño Brine (30 ml)
  • Jalapeño (2 pcs; muddled)
  • Lime Juice (15 ml)

Garnish: Mint Sprig

Recipe:

  • Shake all ingredients in a mixer filled with ice.
  • Pour into a Moscow Mule Glass to serve. Top up with non-alcoholic Ginger Beer to
  • enjoy.

The Midnight Philosopher as Midnight Cravings (SEGREDO ALDEIA Espresso Rum)

Find them on the balcony post-dessert, deep in conversation about the secret of life—or at least the secrets behind good coffee. The cocktail twin-flame for bittersweet thoughts with a silky finish, the Midnight Cravings cocktail is rich, dark, and delightfully introspective just like the midnight philosopher in your gang.

The Pour: Midnight Cravings

Ingredients:

  • SEGREDO ALDEIA Espresso Rum (60 ml)
  • Cold Brew (30 ml)
  • Dark Crème de Cacao (15 ml)
  • Demerara Syrup (15 ml)
  • Chocolate Bitters (2 dashes)
  • Garnish: Coffee beans and chocolate grated

Recipe:

  • Dry shake and ice shake all ingredients in a glass.
  • Garnish with coffee beans and grated chocolate to enjoy.

Royal Rangoli by MONIN 

A vibrant, tangy refresher that blends MONIN Spiced Jamun and Glasco Lemon with cranberry and soda—bold, fruity, and the perfect citrus break from all your festive sweet munching. 

Ingredients: 

  • MONIN Spiced Jamun Syrup – 20ml 
  • MONIN Glasco Lemon Syrup – 10ml 
  • Cranberry juice – 60ml 
  • Soda – 60ml 
  • Ice cubes 
  • Mint sprig (for garnish) 

Method: 

  • Add the syrups, cranberry juice, and ice to a shaker. 
  • Shake well and pour into a red wine glass. 
  • Top with soda and garnish with mint. 

Meetha Patakha by MONIN 

 Sweet and fiery, this tequila-based cocktail blends MONIN Cherry and Blood Orange syrups with cranberry and soda for your palate that’s craving a little bit of that oomph factor. 

Ingredients: 

  • MONIN Cherry syrup – 20ml 
  • MONIN Blood Orange syrup – 10ml 
  • Tequila – 45ml 
  • Cranberry juice – 60ml 
  • Soda – 60ml 
  • Orange peel (for garnish) 

Method: 

  • Combine both syrups, tequila, and cranberry juice with ice. 
  • Shake and pour into a Collins glass. 
  • Top with soda and garnish with an orange peel twist.

Bira91’s Crisis Intensifies

  • The genesis of the crisis was changing name from a ‘Private Limited’ to a ‘Limited’
  • Every state excise department operates as a separate ecosystem, compliance accordingly matters
  • B9 Beverages Limited reported accumulated losses of Rs. 1,904 crore for FY2024

Once the toast of India’s new-age alcoholic beverages market, Bira91, the youth-focused beer brand that helped popularise craft brewing across urban India, is now in deep trouble, hit by a combination of regulatory missteps, cash flow pressure, employee unrest and investor anxiety.

The company, B9 Beverages Limited, which built its image around fun branding and innovative brews, is battling a perfect storm that has left operations disrupted, morale shaken, and market share eroding across key states. The auditor of B9 Beverages has reported that the company’s net worth has fully eroded. In its report for the fiscal year 2024, the auditor noted that the group is exposed to market risk, credit risk and liquidity risk, impacting the fair value of its financial instruments.

What first began as a routine legal formality converting from a “Private Limited” to a “Limited” company ahead of a proposed IPO, quickly snowballed into a full-blown crisis. Under India’s highly fragmented and state-driven excise regime, even a small change in company name triggers a cascade of fresh licensing, label registration and regulatory approvals. Bira91 was caught in the regulatory mess.

The state excise departments treated the name change as a new entity altogether, effectively blocking the sale of its products until new clearances were obtained. Overnight, inventory worth an estimated Rs. 80 crore was rendered unsellable because packaging and labels carried the old entity name. Warehouses piled up with stock that couldn’t be invoiced, distributors were left stranded, and sales teams were left explaining to retailers why one of India’s most visible beer brands had suddenly vanished from shelves.

Regulatory Bottlenecks Lead to Financial Distress

As regulatory bottlenecks dragged on for months, the financial impact deepened. For FY24, it reported accumulated losses of Rs. 1,904 crore, negative cash flow of Rs. 84 crore, and liabilities exceeding assets by Rs. 619.6 crore as of March 31, 2024. The company is yet to file its financials for fiscal 2025.

Volumes have dropped from roughly nine million cases to about six million. For a company that once prided itself on doubling output every year, the reversal is steep and painful.

Liquidity quickly became the next casualty. Employees across multiple offices began complaining of delayed salaries and reimbursements, vendors said payments were months overdue, and even statutory dues like provident fund contributions and TDS remittances reportedly lapsed. In an effort to bridge working capital gaps, the company turned to fintech platforms such as KredX to raise short-term funds by discounting trade receivables, but even those arrangements began showing strain, with some investors reporting delayed interest payouts.

Ankur Jain, Founder-CEO, BIra91

Internally, the crisis has sparked serious governance turmoil. In September this year, over 250 employees signed a petition demanding the removal of Founder-CEO Ankur Jain, alleging lack of transparency, poor communication and non-payment of dues. The employee strength of the company has come down drastically from over 700 to barely 260. “There’s no clarity from the top, and even HR doesn’t have answers,” one former mid-level executive lamented.

For investors, the crisis has not been any different. Bira91 had attracted marquee backers including Japan’s Kirin Holdings, Peak XV Partners (formerly Sequoia India), and Sofina. The brand was widely viewed as a rare Indian startup that had cracked the consumer lifestyle code, blending bold design with mass appeal. The proposed 2026 IPO was to be its coming-of-age moment, a chance to exit early investors and showcase scale profitability. Instead, the company finds itself firefighting on multiple fronts, scrambling to raise fresh funds to simply stay afloat. Reports suggest negotiations are underway for a Rs. 500-crore structured debt infusion from BlackRock through the promoter group, but those close to the talks say due diligence has been protracted given the scale of losses and ongoing regulatory uncertainties.

Damage Control Mode On

According to some reports, the company has been in damage control mode, restarting sales in some states, cutting fixed costs, and resetting its compliance roadmap. Delhi and Uttar Pradesh markets are reportedly back online, though Haryana and a few others remain mired in paperwork. The company brought in Vikram Qanungo as Chief Financial Officer, replacing Meghna Agrawal. It is working on streamlining operations and putting in place new governance protocols.  Insiders say the focus now should be on cost rationalisation and restoring confidence among distributors and employees.

Industry observers see the episode as a cautionary tale for India’s alcobev sector, where every regulatory nuance matters. A name change that would be routine in most industries became a nightmare because excise laws treat such events as new entities altogether. In the alcobev sector if one is operating in 10 or 12 states, that means one has to reset one’s business that many times. The case underscores the fragility of scaling in a market where compliance, not consumer demand, often determines survival.

For years, Bira91 symbolised the aspiration of India’s urban millennials, fun, contemporary, and proudly local. Its colourful monkey logo became an icon of the “new India” bar culture. The brand’s rapid rise between 2015 and 2020 was driven by aggressive marketing, smart positioning and flavour experimentation, from white ale to IPA, making beer cool again for a generation raised on mass lagers. But the same velocity that powered its rise also resulted in its fall. The push for rapid expansion ahead of an IPO, without sufficient compliance buffers or cash discipline, left the company over-leveraged and exposed.

The immediate challenge now is survival, ensuring that distributors return, vendors get paid, and employees regain trust. But the question is, can it rebuild credibility with investors and regulators alike? Analysts say the fundamentals of the Indian premium beer segment remain strong, with per-capita consumption still among the lowest in Asia and rising disposable incomes driving steady growth. Bira91 could yet stage a comeback if it can stabilise operations and re-establish regulatory compliance. That is a big ask, as of now.

Rebuild Compliance Network

The company has to focus on a few key points—rebuild compliance network by mapping every state’s regulatory nuance before corporate actions; exercise tighter cash flow management with full transparency on employee and statutory dues; prioritise core markets where licences are active and distributors loyal; and restore governance credibility.  Bira still has brand equity, though dented, as of now.

The broader takeaway for the industry is clear: the alcobev business in India is not just about branding and flavour, it’s about regulatory foresight and disciplined execution. Even large, well-funded players can falter if they underestimate how state excise frameworks respond to structural changes. With every state operating as a separate ecosystem, a single oversight can cascade into months of paralysis. For startups and established companies alike, the lesson is that growth must be matched by governance.

As things stand, Bira91’s journey reads like a case study in how quickly success can unravel in a sector where compliance is king. The brand that once defined India’s craft beer movement now faces the challenge of its life, navigating the quagmire of regulation, rebuilding financial credibility, and re-earning the trust of the very people who made it a good brand. The next couple of months is going to be critical for the brand. Will it emerge from the crisis, it remains to be seen.

Woodpecker Partners Madhya Pradesh Travel Mart 2025

 The Madhya Pradesh Travel Mart (MPTM) 2025 which concluded recently saw over 400 travel agents from India and 27 participate and Woodpecker was a beverage partner, hosted at the Jehan Numa Palace, Bhopal.

The evening showcased Madhya Pradesh on a global platform highlighting the heritage and potential of its tourism. It also displayed a curated culinary spread celebrating the region’s cuisine, and an open-air experience where guests mingled, accompanied by Woodpecker’s refreshing brews.

Deepak Arora, CEO, SOM Group of Companies, said, “Woodpecker’s partnership with the Madhya Pradesh Travel Mart is a celebration of Indian entrepreneurship, craftsmanship, and culture. We are proud to be part of an event that not only showcases Madhya Pradesh’s tourism potential, but also connects India with the world. Jehan Numa Palace provided the perfect setting for Woodpecker, a brand born in India yet global in its spirit to complement the evening’s energy and elegance. The gala dinner became one of the most talked-about highlights of MPTM 2025, where state officials, global travel professionals, and international media representatives shared experiences over fine food and craft beverages. It symbolised the essence of modern tourism, a meeting of ideas, cultures, and shared aspirations for sustainable growth. We are happy to be a part of such an initiative by the Govt. of Madhya Pradesh. With its continued commitment to premium experiences, Woodpecker aims to engage with more lifestyle and tourism-led platforms that resonate with the brand’s philosophy- refreshing, youthful, and proudly Indian.”

Radico Khaitan All Set for National Rollout of Morpheus Luxury Whisky

After a strong start in Uttar Pradesh, Rajasthan and Delhi, Radico Khaitan is all set to launch Morpheus Whisky to four new key markets, Karnataka, Haryana, Goa and West Bengal.

Radico Khaitan is expanding the footprint of its newly launched Morpheus Whisky in the Super-Premium segment across the country from  Karnataka in South, Goa in West and West Bengal in East.

Morpheus was launched earlier this year as Radico Khaitan’s first-ever foray into the super-premium whisky segment. Radico Khaitan now aims to have a presence in more than 12 states by the end of FY 2026.

 Speaking about the expansion, Abhishek Khaitan, Managing Director, Radico Khaitan Ltd., said, “India’s whisky market is evolving rapidly, with consumers increasingly seeking premium experiences that combine craftsmanship with character. Morpheus symbolises our commitment to shaping this next phase of growth. We are truly humbled by the love and enthusiasm Morpheus has received since its launch. The response has re-emphasised our belief that Indian consumers are ready to embrace a new standard of luxury in whisky.”

Adding to this, Amar Sinha, Chief Operating Officer, Radico Khaitan, shared, “Morpheus reflects our vision to lead India’s next phase of premiumisation. The early success of the brand highlights a growing demand for well-crafted, super-premium offerings that connect with consumers on both quality and emotion. With the kind of momentum we have witnessed, we are delighted to bring Morpheus to new markets as we continue to strengthen our presence across the country.”

Crafted with imported Scotch Malts and fine Indian grain spirits, and aged in bourbon barrels, Morpheus Super Premium Whisky offers a smooth, sophisticated taste with a distinct fruity and floral flair. Inspired by Morpheus, the Greek God of Dreams, the brand celebrates ambition, individuality and transformation, encouraging consumers to embrace their journey through its philosophy of “Be Your Dream”.

 Reflecting the same thought in its design, the sleek bottle combines elegance with ease of handling, while the embossed Morpheus name on both sides creates a rich, tactile experience. The label, detailed with gold foiling at the base, symbolises the many layers within each individual that unfold over time, a beautiful metaphor for personal growth and discovery.

 Further elevating its appeal is a Limited Collector’s Edition Pack, which features an exclusive gift box containing a premium hip flask and four coasters, making it an ideal choice for gifting or collecting during the festive season. Morpheus Super Premium Whisky is available in 750 ml, 375 ml, 180 ml, 90 ml and 60 ml SKUs, with 750 ml Bottle priced at Rs. 1190 in UP, Rs. 1400 in Rajasthan and Rs. 1100 in Delhi. For the upcoming new markets, a 750 ml Bottle of Morpheus Whisky will be priced around Rs. 1830 in Karnataka, Rs. 900 in Haryana, Rs. 900 in Goa, and Rs. 1400 in West Bengal. It is currently available in over 90% of A and B category outlets across existing markets of UP, Rajasthan and Delhi.

Allied Blenders & Distillers Appoints Jayant Bhalchandra Manmadkar as CFO

Allied Blenders and Distillers Limited (ABD) recently appointed Jayant Bhalchandra Manmadkar as its Chief Financial Officer (CFO). He will also serve as a Key Managerial Personnel (KMP) and Senior Management Personnel (SMP).

Manmadkar who took charge on October 10 is a qualified Chartered Accountant (CA), Cost and Works Accountant (ICWA), and Company Secretary (CS). With over 32 years of extensive experience, he has held leadership roles across diverse sectors such as financial services, pharmaceuticals, alcobev, research & development, manufacturing, real estate, and retail.

Over the course of his career, Manmadkar has been associated with Seagram India; Brigade Enterprises; Mahindra Lifespace Developers; Sai Life Sciences; Cohance Lifesciences; Wockhardt and Reliance Retail. Manmadkar’s core areas of expertise span strategic planning, mergers and acquisitions, international operations, treasury and corporate finance, financial planning and analysis, taxation, investor relations, information technology, corporate governance, and corporate affairs.

Alok Gupta, Managing Director, ABD said, “We are pleased to welcome Jayant to our leadership team. His extensive cross-sectoral experience, strong foundation in financial management, and proven track record in driving finance and business strategy at both national and international levels will be instrumental in strengthening our financial strategy. With his ability to drive strategic initiatives and operational excellence, we are confident he will play a pivotal role in supporting ABD’s next phase of growth.”

 Manmadkar said, “Joining ABD at this exciting juncture is a tremendous opportunity. I look forward to leveraging my experience to build on the company’s strong financial foundation and contribute to its long-term strategic vision. Together with the leadership team, I aim to build on ABD’s strong foundation and advance its commitment to performance, efficiency, and sustained growth.”

Madhvani Group’s INSCO Completes Acquisition of Hindustan National Glass

Independent Sugar Corporation Limited (INSCO), part of Uganda-based Madhvani Group, has completed the acquisition of Hindustan National Glass & Industries Ltd (HNGIL) through the Insolvency and Bankruptcy Code (IBC) process, marking the conclusion of one of India’s most high-profile insolvency resolutions in recent years.

The transition was formally recorded at a meeting of HNGIL’s newly constituted board on Friday, after which INSCO assumed full control. The ₹2,250-crore resolution plan was led by Kamlesh Madhvani and Shrai Madhvani, with financial backing from Cerberus Capital Management and the International Finance Corporation (IFC).

Approved by the National Company Law Tribunal (NCLT) on August 14, 2025, the plan subsequently received clearances from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI). Following a 45-day monitoring phase, the Monitoring Committee has now stepped down, paving the way for the new board nominated by INSCO to take charge.

According to the NCLT order, INSCO’s resolution plan includes an upfront payment of ₹1,901.55 crore to financial and operational creditors and workmen, along with ₹356.28 crore payable over the next three years. Additionally, a 5% equity stake has been earmarked for assenting financial creditors.

The tribunal noted that the plan value represents 72% of the average fair value and 114% of the average liquidation value, with creditors recovering around 60% of admitted claims. The Committee of Creditors (CoC) had approved INSCO’s plan in June with an overwhelming 96.16% majority.

Revival Strategy

With control now transferred, INSCO has outlined a broad revival strategy that includes modernising furnaces, upgrading equipment, expanding product lines, and strengthening both domestic and export competitiveness. The company has also pledged ₹1,000 crore in capital expenditure over the coming years to rebuild operations.

“We firmly believe that employees and workers are the foundation of any successful turnaround,” said Shrai Madhvani, newly appointed chairman of HNGIL. “HNGIL’s dedicated workforce has shown remarkable resilience during the insolvency period, and we are committed to working closely with them to build a safe, secure and sustainable future.”

He added that the company’s revival would require the collective support of employees, customers, suppliers, regulators, and governments. “Our vision is not only to restore HNGIL to its former glory but also to align our efforts with the Viksit Bharat vision of Hon’ble Prime Minister Shri Narendra Modi ji, contributing to India’s growth as a global industrial powerhouse,” Madhvani said.

Landmark IBC Case

HNGIL, India’s largest glass bottle manufacturer, entered the Corporate Insolvency Resolution Process (CIRP) in October 2021, following years of financial distress and litigation. The successful handover to INSCO ends a seven-year-long process that drew significant investor interest and multiple legal challenges.

An INSCO spokesperson said the company “remains fully committed to ensuring a seamless transition and is engaging with all stakeholders to ensure long-term sustainability.” The NCLT, under Section 31 of the IBC, has declared INSCO the Successful Resolution Applicant, making the plan binding on all stakeholders and lifting the moratorium under Section 14.

Earlier this year, Madhvani Group promoter Shrai Madhvani met Prime Minister Narendra Modi to discuss the Group’s strategic investments in India. During the meeting, he outlined the Group’s intent to invest ₹10,000 crore over the next five years to drive industrial growth and employment generation.

With HNGIL now officially under INSCO’s control, the acquisition sets the stage for a comprehensive turnaround of one of India’s oldest and most respected glass manufacturing companies  and signals renewed global investor confidence in India’s IBC framework.

Maharashtra Made Liquor, Will it Disrupt the Trade?

  • Set to boost excise revenues, even while the government promotes local production
  • MML licensees assure that quality will be prioritized and will compete with mass market IMFL
  • Margins will be tight, and success depends on efficient distribution, strong marketing, and retailer participation.

The Maharashtra government’s decision to introduce a new category of liquor, Maharashtra Made Liquor (MML), is set to transform the state’s alcoholic beverage landscape while increasing excise revenues. Industry experts say the move represents both fiscal foresight and a push to empower local manufacturers.

The Maharashtra liquor market is no stranger to innovation, regulation, and disruption. The MML policy is seen as a strategic attempt to bridge the gap between low-end IMFL and country liquor.

The rationale was straightforward: while premium IMFL and imported spirits dominate the higher price points, many local manufacturers were either dormant or underutilized. The government saw an opportunity to revive these units, create employment, and increase excise revenues. The MML category, pegged at ₹148.50 to ₹205 for a 180 ml pack, was positioned as a bridge offering, designed to be more affordable than  IMFL yet higher in quality than country liquor.

Beyond the price, the policy introduced a nuanced excise structure. While IMFL attracts 450% duty on manufacturing cost, MML would be taxed at 270%, providing a margin buffer for manufacturers and retailers. At the time of announcement, government officials projected an incremental revenue target of ₹14,000 crore, on top of the existing ₹25,000 crore excise intake. However, industry insiders remain cautious about whether these numbers are achievable, citing consumer behaviour, market fragmentation, and distribution challenges.

MML is going to redistribute market-share: Sadanand Bapat

According to Sadanand Bapat, Managing Director of Associated Blenders Pvt. Ltd., the new policy is a strategic reform that aligns revenue generation with industrial growth. “The government will definitely benefit with increased revenues, there are no two opinions on that,” said Bapat. “Even if MML doesn’t perform fully as expected, collections will still be higher than before. The estimated additional revenue is around ₹3,000 crore over and above existing excise collections.” Maharashtra’s excise revenue was ₹25,468 crores from April 2024 to March 2025. 

Sadanand Bapat, Managing Director of Associated Blenders Pvt. Ltd.

Maharashtra’s IMFL market currently stands at around 30 lakh cases per month. Bapat estimates that once all MML producers become operational, the new segment could account for 8–10 lakh cases monthly, effectively redistributing a share of the existing market rather than creating an entirely new one.

“It’s not an additional market, it’s a redistribution,” he explained. “Out of the total 30 lakh cases, about 8–10 lakh will now fall under MML, and 20–22 lakh under IMFL. Naturally, some IMFL players are worried, but this policy also opens up opportunities for local manufacturers to compete and grow.”

Initially, about 15 licensees are expected to enter the MML space, though the industry anticipates that only five or six major players will eventually dominate. The market, experts believe, could stabilise once consumer acceptance grows.

Grain-based liquor

The MML category, notified under the state’s amended excise regime in June 2025, introduces a grain-based liquor segment that can only be produced by Maharashtra-based manufacturers. Each MML brand must be registered locally, and units must have at least 25% shareholding by state residents. The aim, officials say, is to revive underutilised potable liquor license (PLL) units, encourage local production, and create employment.

Under the new structure, MML will be treated as a distinct type of Indian Made Foreign Liquor (IMFL), but with a crucial difference. It must use rectified spirit produced within the state and will carry a lower excise burden.

As per the excise department, if the manufacturing cost of IMFL is up to ₹260/- per bulk litre, the excise duty is 450 % of the manufacturing cost or ₹750/- per proof litre whichever is higher. If the manufacturing cost exceeds ₹260/- per bulk litre, the duty is 300 % of the manufacturing cost.

Assuming a manufacturing cost of ₹400 per litre, IMFL would cost ₹2,200 (including ₹1,800 in excise), while MML would retail at about ₹1,480 (including ₹1,080 in excise). MML products will be priced between ₹148.50 and ₹205 per 180 ml bottle, making them far more affordable than comparable IMFL brands.

Consumer Outlook and Perception

A major factor in MML’s success will be how consumers perceive the new category. “Let me tell you, MML is nothing but IMFL — it’s the same thing,” Bapat stressed. “The only difference is pricing. Consumers can expect the same quality at a more affordable rate.”

MML will be sold only through licensed retail (FL-2) and hotel/restaurant (FL-3) outlets, not country liquor shops — ensuring quality control and regulatory oversight.

Valsa Nair, Former Additional Chief Secretary, Government of Maharashtra

The MML initiative stems from a report by a committee led by former Additional Chief Secretary Valsa Nair, formed in January 2025 under the Devendra Fadnavis-led government. The Cabinet approved the recommendations on June 10, followed by a government resolution outlining operational guidelines.

The move also revives an earlier attempt to promote grain-based distilleries dating back to 2007, which was shelved after legal challenges. This time, however, the government has built stronger structural safeguards and economic rationale.

Beyond revenues, the new policy ties into Maharashtra’s goal of boosting local manufacturing and employment. With over 70 licensed potable liquor units in the state, of which 22 are defunct and 16 operate only as retailers, the new framework could rejuvenate many idle facilities.

A Model for Other States?

While some observers see shades of Tamil Nadu’s and Rajasthan’s liquor models, Bapat believes Maharashtra’s approach is more innovative. “People say it’s a mix between Tamil Nadu and Rajasthan’s policies, improved to suit Maharashtra’s needs,” he said. “But this is a well-drafted, homegrown framework. If it succeeds, other states will surely follow.”

As MML hits retail shelves, its dual promise, to bolster government revenues and support local industry, is being closely watched. For now, optimism runs high among policymakers and producers alike.

“Everyone — from consumers to manufacturers to the government, is eagerly awaiting the results,” Bapat concluded. “It’s a big reform, and if implemented well, it will redefine Maharashtra’s liquor industry.”

New Avenue of Growth for Domestic Distilleries: Karan Kalani

Echoing similar views is Karan Kalani, Director of Deejay Distilleries Pvt Ltd. He believes that the policy is poised to transform the state’s spirits market, opening a new avenue of growth for domestic distilleries and offering a structured, quality-driven alternative to illicit and imported low-end products.

Karan Kalani, Director of Deejay Distilleries Pvt Ltd.

The new MML category will help the state achieve multiple objectives from curbing illegal inflows of liquor to improving consumer access and strengthening regional industry participation. “The new category will offer high-quality products on par with IMFL, but at a more affordable price point. This will curb illegal liquor entering from other states and give consumers a safe, reliable, and good-quality alternative,” Kalani said.

Market Realignment

“The affordability factor will drive this category. Earlier, consumers seeking lower-priced options had to depend on country liquor or unregulated sources. Now, with MML, they will have a legitimate, high-quality product,” Kalani noted.

The government currently earns around ₹25,000 crore in excise revenue, and expects an incremental ₹3,000 crore once MML stabilizes. Kalani believes this is achievable. “The revised duty structure has increased prices for popular IMFL brands like Imperial Blue, Royal Stag, and McDowell’s No.1. Simultaneously, MML will contribute significantly to revenue growth as production and distribution expand.”

Transition Phase, Not Chaos

While the market is witnessing a degree of flux following duty revisions, Kalani views this as part of a natural adjustment. “It’s not a chaotic situation—it’s a transition phase. The entire industry is undergoing realignment. In the next six to eight months, sales and consumer preferences will stabilize as new players enter the market and distribution strengthens across Maharashtra.”

He also observed that while some consumers are “downgrading” due to price increases in IMFL, the MML segment provides a quality downgrade option, far superior to illicit or country liquor, thus retaining consumers within the formal sector.

The MML policy is expected to give a strong growth impetus to regional distilleries, many of which previously found it difficult to compete with national or multinational brands. “This policy levels the playing field. Local distilleries now have a fair chance to grow within Maharashtra without having to battle MNCs directly,” said Kalani.

Kalani believes the trade will also benefit from the emergence of MML. “Retailers will find the segment attractive, selling a ₹150 product instead of ₹80 boosts turnover and income. Once availability improves, MML products will gain rapid acceptance across retail channels,” he said.

He also emphasized that each manufacturer will have flexibility in crafting their blends. “Every company will have its own recipe and style. Overall, the category will deliver a product at par with popular IMFL in terms of taste and quality,”

Kalani expects MML to record the highest growth rate in Maharashtra’s alcobev sector over the next year. “We expect initial sales of around 5 lakh cases, scaling up to 7–8 lakh cases as more producers come onstream. The first year will be about consolidation — experienced players will strengthen their presence, and the ecosystem will stabilize,” he concluded.

Marketing and Consumer Education will be Crucial: Vishal Jaiswal

According to Vishal Jaiswal & Vaibhav Jaiswal, Managing Directors of Konkan Agro Marine Industries and a senior industry observer, the policy has been carefully formulated after studying models in neighbouring states. The MML category is positioned between Indian Made Foreign Liquor (IMFL) and country liquor and targets the mid-market segment, offering better quality at affordable prices. “They wanted to increase the price of regular segments and at the same time offer an alternative. So, they decided to introduce a mid-segment category,” Jaiswal explained.

Vishal Jaiswal & Vaibhav Jaiswal Managing Directors of Konkan Agro Marine Industries

He added that the move is also part of a broader effort to revive the state’s manufacturing units. “Many units were shut for ages. The government was not getting any revenue from them. This policy aims to revive those units, create employment, and generate state income,” he said.

“The government has fixed the minimum segment price at ₹148.50. If we want to match the quality of existing IMFL products, the price has to be in the ₹160–₹180 range,” Jaiswal said. He emphasized that all MML products will be made from grain spirit, not molasses, ensuring a smoother and higher-quality profile. “Those who are brand-conscious and want to establish a reputation will definitely focus on quality,” he added.

However, Jaiswal also pointed out that marketing and consumer education will be crucial. “Manufacturers will have to invest in trials and awareness — to get consumers to taste and trust this new category. This is a holistic move, boosting quality, reviving industries, and strengthening the state’s revenue base,” Jaiswal summed up.

Fraught with challenges for distributors, retailers, and even some manufacturers: Pradeep Lulla

Giving a contrarian view is Pradeep Lulla, President of the Maharashtra Wine and Retailers Association.  “When the MRP changed in June, a 180 ml whisky that cost ₹160 jumped to ₹220 — a 37.5% increase overnight. Distributors lost 3–4% margins instantly, and low-end consumers were priced out. Many shifted to country liquor, which saw a growth during that period.”

Pradeep Lulla, President of the Maharashtra Wine and Retailers Association

Lulla warns that the MML policy may not generate the initially projected ₹14,000 crore in incremental revenue. He predicts a modest increase of ₹1,000–2,000 crore, mainly due to consumer segmentation and brand loyalty.

“Consumers will not switch entirely from established IMFL brands. Some will reduce frequency, while others will revert to cheaper options. Retailers and distributors will adjust accordingly, cutting stock, rationalizing infrastructure, and tightening credit.”

He also flags distribution and consumer experience challenges. MML is restricted to Maharashtra, which fragments brand exposure. Travelers or consumers moving to other states won’t find their preferred MML brands, potentially eroding loyalty.

Lulla highlighted financial constraints. He said if the manufacturing cost for a 180 ml MML bottle is ₹21.43, the excise duty per bottle is going to be ₹57.86 and the cost of the 48-bottle case will be ₹2,777. “Margins will be tight, and success depends on efficient distribution, strong marketing, and retailer participation,” he says.

In short, MML could redefine Maharashtra’s liquor market. But whether it becomes a game-changer or a market correction remains to be seen. The coming months will test the policy’s design, the resilience of distributors, and the willingness of consumers to embrace a new mid-tier category.

Kartik Mohindra takes over as Managing Director, India of William Grant & Sons

  • Debasree Dasgupta to take charge as CMO & Head of Global Business Development of Pernod Ricard India on November 1

Kartik Mohindra took charge as Managing Director of WG&S, India on October 1. He was formerly the Chief Marketing Officer & Head of Global Business Development at Pernod Ricard India. Sachin Mehta, the current MD, will be taking up an international role within the WG&S business, as Managing Director, Canada.

Kartik Mohindra’s position in Pernod Ricard India is being taken by Debasree Dasgupta, effective November 1.  Currently Global Vice President for Absolut, Dasgupta took on the position in 2023 and has since overseen the brand’s international strategy. Her career spans senior marketing roles at PepsiCo, Reckitt, and Unilever, giving her a diverse portfolio across categories and geographies.

Premium spirits company William Grant & Sons is signalling a focused push to strengthen its presence in one of the world’s most promising alcoholic beverage markets. Kartik joined the business with over 26 years of experience as a senior leader in marketing and sales, primarily in the alcohol, beverage and FMCG sectors.

In his former role, he played a role in transforming business performance at Pernod Ricard, leading brand strategy and expanding into new global markets. He has also overseen brand-led innovation across various categories, from whiskies and wines to brand extensions.

“These appointments reflect WG&S’ continued investment in key growth markets and a commitment to strengthening our global leadership team. We are excited to welcome Kartik to our team in India – a strategically important market for us. Driven by his expertise, we’re confident that we will further build on the great progress Sachin and the team have made in India in recent years,” said Doug Bagley, Chief Commercial Officer, WG&S.

The company’s portfolio includes brands of Scotch whisky, like Grant’s Blended Scotch, Glenfiddich, The Balvenie range of handcrafted single malts and other spirits brands such as Monkey Shoulder, Hendrick’s Gin and Tullamore DEW Irish Whiskey. William Grant & Sons operates in India through its 100% subsidiary William Grant & Sons (India).

Competition Commission Clears Tilaknagar Industries’ Acquisition of Pernod Ricard’s Imperial Blue

The Competition Commission of India (CCI) has given the green signal to home-grown alcoholic beverage maker Tilaknagar Industries’ Limited (TIL) proposal to acquire the Imperial Blue whisky business from the Indian arm of French liquor giant Pernod Ricard for Rs 4,150 crore.

In July this year, TIL had announced that it was set to acquire the Imperial Blue whisky business from Pernod Ricard at an enterprise value of 412.6 million Euros (around Rs 4,150 crore).

CCI in a post on X said “Commission approves the acquisition of the business of production, bottling, marketing, and sale of alcoholic and other beverages under the ‘Imperial Brands’ from Pernod Ricard India Pvt Ltd by Tilaknagar Industries Ltd.”

The acquisition will make TIL, which owns brands such as Mansion House Brandy, Courrier Napoleon Brandy, Mansion House Gold Whisky and Blue Lagoon Gin, a leading player in the fast-growing whisky market.

TIL and Pernod Ricard India had entered into a definitive agreement for the transaction related to the sale of the Imperial Blue business division (IB). The consideration includes a deferred payment of 28 million euros (Rs 282 crore as of date) to be paid four years after the date of the closure of the transaction, said a joint statement.

Imperial Blue is the third-largest whisky brand in India by volume. It has reported a revenue of Rs 3,067 crore for the year ended March 2025.

India is the second-largest market for Pernod Ricard. With a consolidated sales revenue of Rs 26,773.22 crore in FY24, Pernod Ricard India is the largest spirit maker in India. TIL had reported a revenue of Rs 1,405 crore and EBITDA of Rs 226 crore for the year ended March 2025. In the September quarter, it had become net debt-free after successfully restructuring its debt.

Odella: Where the Setting Matches the Serving

On a Sunday, I drove from Noida to Delhi with a friend from the media. Usually, this journey deserves its own survival story—horns, jams, and the eternal battle for lane space. But that day, the roads were clear, already a small win.

Odella in Green Park nods to Renaissance art without turning into a museum piece. The interiors have drama that lets you breathe, making you curious rather than intimidated. From my seat, I could see lady bartenders at work and a DJ console hinting at how the space transforms after dark. The tables are set apart enough to keep conversations private—something rare in Delhi.

The Prawn Dynamite arrived crisp, with sesame and a punchy sauce. The Chilli Oil Chicken came alive with Sichuan pepper, while the Mansa Ghee Roast layered roasted spices, coconut, and heat beautifully. Cocktails were playful without being gimmicky—the Venice Sunset with berries and jasmine gin, the Italian Peninsula with limoncello, and the Renaissance with vodka, plum wine, and yuzu, which became my clear pick.

The Linguine Three Chilli Aglio e Olio was bold and addictive. The Koni Chicken Biryani, though tasty, felt more like a reinterpretation than the Kerala original. Desserts wrapped it up neatly: the Biscoff Tres Leches brought cinnamon-caramel comfort, and the Burnt Cheesecake with chocolate sauce was indulgent simplicity.

The drive back was the perfect coda—light drizzle, Shah Rukh Khan songs, and my friend asleep in the passenger seat. You set out thinking of food, but the real memory is the easy flow of the evening. Odella added to that rhythm, making it worth the trip.

Details:
Address: 3, Block A, Second Floor, Sri Aurobindo Marg, Green Park, New Delhi
Timings: 12.00 pm–1.00 am
Meal for two: INR 2600