Author Archives: Janhavi Panani

India’s Alcohol Economy in 2025: Scale, State Power, and Structural Friction

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India’s alcoholic beverages sector moved through 2025 with steady demand and sharper value realisation. ICRA projected FY2025 volume growth at 4–5%, supported by easing input costs, while a later FY2026 update indicated revenue growth of 10–12% driven by higher realisations. Public estimates continue to place India’s drinks market near USD 60 billion.

State finances reinforced the sector’s importance. PRS Legislative Research highlights excise as a significant contributor to state revenues, with prohibition states as exceptions. Several states also accelerated digitisation and enforcement. Haryana’s rollout of QR-based track-and-trace systems, automated interest computation, and tighter compliance illustrates the administrative direction shaping operations nationwide.

Avneet Singh, Founder & CEO, Medusa Beverages,

Yet operating reality remained state-defined. Entry timelines, label registrations, wholesale structures, retail formats, and duty resets vary widely, pushing brands to plan with state granularity rather than national uniformity. Avneet Singh, Founder & CEO, Medusa Beverages, notes, “Taxes can be 60–80% of the final retail price depending on the state,” adding that excise changes shape pricing and supply planning.

Hasan Bakhtawar, COO – Cased Business, Angus Dundee India

Hasan Bakhtawar, COO – Cased Business, Angus Dundee India, frames it as executional load: “Each state has its own unique regulations, permit requirements, and compliance processes,” with limited flexibility once excise terms are set.

Rakshay Dhariwal, Founder & MD, Maya Pistola Agavepura

For newer brands, uncertainty compounds the challenge. Rakshay Dhariwal, Founder & MD, Maya Pistola Agavepura, says, “The real challenge isn’t the variation itself, it’s the unpredictability.”

Abhinav Jindal, CEO & Founder, BeeYoung Beer

Abhinav Jindal, CEO & Founder, BeeYoung Beer, calls regulatory volatility “the most material risk to long-term capital deployment.” Sharad Tibarewala, Brand Owner, MCKT Beverages, maintains that provenance and heritage offer stability even when policy varies.

Sharad Tibarewala, Brand Owner, MCKT Beverages

Despite friction, consumption patterns strengthened. Singh points to “quality-over-quantity drinking,” estimating 20–25% growth in premium beer, alongside rising mid-ABV and draught demand. Jindal describes a shift from volume-led to value-led consumption, while Tibarewala links premiumisation to identity and craftsmanship, anchoring Khukri Rum’s positioning in Himalayan provenance.

Sanaya Dahanukar, Marketing Manager, Tilaknagar Industries Ltd

“The mid-range segment followed a separate logic. Sanaya Dahanukar, Marketing Manager, Tilaknagar Industries Ltd., attributes 2025’s momentum to ‘disciplined price-tiering and price-laddering,’ driven by strong brandy familiarity in the South and a whisky strategy designed to guide consumers across price points. Hasan Bakhtawar adds that mid-price growth is being supported by value-seeking behaviour anchored in trusted regional brands.”

Portfolio strategy grew more disciplined. Excise slabs compress price bands, forcing brands into narrow MRP clusters. State-wise SKU pruning, excise-year timing, and distributor economics now dictate leaner, market-specific assortments. Many brands defer launches to avoid partial-year exposure, prioritising fewer, better-timed entries.

Innovation in 2025 favoured defensible ideas. Jindal calls this “disciplined innovation,” while Singh highlights launches sustained by story and visual identity in a restricted advertising environment. Dhariwal and Gadvi link packaging to meaning, usability, and education, especially for younger consumers.

Looking ahead, 2026 will hinge on predictability. While premium, craft, and low-ABV segments gain traction, fragmented excise architecture remains the sector’s defining constraint. Brands entering the next cycle with disciplined portfolios, operational readiness, and clear brand meaning are best placed to convert demand into durable growth.

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How DEWAR’S Is Redefining the Modern Drinking Experience

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As India’s drinking culture evolves, the idea of indulgence is being quietly rewritten. Today’s consumer is no longer defined solely by what they drink, but how and why they drink it. Mindful moderation, premium non-alcoholic options, and experience-led consumption are reshaping bars, homes, and social rituals across the country. Bhavya Desai spoke to Inderjit Singh Dhingra, General Manager, Brown Spirits (India), Bacardi India on how DEWAR’S is navigating this transformation. Excerpts:

Inderjit Singh Dhingra, General Manager, Brown Spirits (India), Bacardi India

The non-alcoholic segment in India, Dhingra explains, is no longer a secondary choice or a compromise. Instead, it has emerged as one of the most dynamic spaces in the beverage landscape. Consumers today are making deliberate choices where they are choosing drinks that align with their lifestyles, moods, and social settings. And this ritual matters as much as the liquid. Glassware, presentation, complexity of flavour and the overall experience are now central to consumption—as much as the spirit.

This shift toward mindful moderation has prompted DEWAR’S to move beyond a traditional spirit-only mindset. The brand’s entry into premium mixers reflects a broader philosophy—one that ensures that every drink, alcoholic or otherwise, delivers the same standard of quality. Whether paired with a fine aged Scotch or enjoyed on its own, the aim is to make every moment feel elevated and intentional—and that Dhingra says is true to the DEWAR’S way.

What is particularly striking is how wide the appeal of this category has become. From younger consumers seeking visually appealing, well-crafted drinks, to seasoned whisky enthusiasts looking for balance without sacrificing quality, premium non-alcoholic options are finding a place across demographics. Even more traditional audiences are embracing these choices as part of modern socialising.

For DEWAR’S, this inclusivity fits naturally with its belief in experience-led drinking. Dhingra adds that for them every guest matters, and every serve should feel considered. By bringing craftsmanship and sophistication into mixers like soda and tonic water, the brand is extending its values beyond whisky— ensuring consistency in quality across the entire drinking occasion. Of course, that also gives them the fire power to do surrogate and expand the brand communication—an age old trick that many have used before.

Looking ahead to 2026, Dhingra points out that the way people drink is changing just as much as what they drink. Insights from Bacardi’s Cocktail Trends Report reveal a more intentional consumer—one who is trading up, learning more and engaging deeply with flavour and technique. Premiumisation is no longer reserved for special occasions; it has become an everyday expectation.

India’s consumers are also becoming increasingly cocktail-curious, eager to understand ingredients, methods and the stories behind their drinks. Social rhythms, too, are evolving. Earlier evenings, afternoon highballs and intimate gatherings are replacing late-night excess. The focus is shifting to meaningful connection— “day caps” instead of nightcaps—where quality trumps quantity. It is within this thoughtful, experience-first mindset that DEWAR’S feels most at home.

At the centre of DEWAR’S growth is a distinct consumer profile the brand calls “Life Explorers”. These are individuals who value authenticity, cultural awareness and enriching experiences over overt status symbols. Typically aged between 25 and 45, with higher disposable incomes, they invest in premium spirits and curated moments rather than fleeting trends. They are digitally engaged, socially active, and eager to share experiences—fuelling organic brand affinity.

Notably, DEWAR’S has also broadened its appeal beyond traditional whisky drinkers. As whisky appreciation becomes more inclusive, the brand has attracted a higher proportion of female consumers in India—around 34%, compared to the industry average of 24%. For these consumers, fulfilment comes from balance: success paired with freedom, and discovery paired with contentment.

Performance-wise, DEWAR’S continues to set benchmarks. It is currently the fastest-growing Scotch whisky in its segment, delivering a CAGR of over 30% in the last three years and maintaining year-to-date growth of over 25%. Yet, as Dhingra emphasises, what truly sets the brand apart goes beyond numbers.

DEWAR’S holds the distinction of being the world’s most awarded blended Scotch whisky—a testament to its unwavering commitment to quality. Central to this success is Master Blender Stephanie Macleod, whose ability to balance tradition with innovation has earned her the title of World’s Best Master Blender for six consecutive years. Her craftsmanship ensures that DEWAR’S remains timeless while continuing to resonate with today’s evolving consumer.

India, the world’s largest whisky market, represents a pivotal opportunity for the brand he adds. With the India–UK Free Trade Agreement expected to come into effect soon, Scotch whisky is poised to reach a wider consumer base than ever before he feels. For DEWAR’S, this makes India a must-win market.

The roadmap ahead focuses on consolidating leadership while sustaining momentum. Beyond scale and distribution, the brand is committed to building deeper connections through liquid innovation, immersive experiences, and culturally relevant storytelling. At its core, DEWAR’S remains anchored in its founding philosophy—creating moments and stories worth sharing.

He concludes that as India’s drinking culture continues to mature, DEWAR’S is not just raising a glass to growth, but to curiosity, craftsmanship, and connection. Here’s to discovering more. Here’s to the story.

Cocktails to Ring in the New Year

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As the year draws to a close, here’s a curated line-up of versatile cocktails made for celebrations that stretch well past midnight. Thoughtfully crafted and full of character, these drinks go far beyond simply popping open a bottle, perfect for ringing in the New Year in style. 

The Oasis by Godawan Artisanal Single Malt 

A slow, contemplative cocktail that leans into ritual and terroir, The Oasis brings together Godawan 01 PX Sherry Cask and coffee-infused vermouth, rested gently in clay to absorb the earthiness of desert winds. Rich, aromatic, and quietly complex, it’s a grounded, meditative sip to ease into the New Year. 

Ingredients 

  • Godawan 01 Rich & Rounded – 50ml 
  • Coffee-infused sweet vermouth – 15ml 
  • Aromatic bitters – 2 dashes 

Method 

  • Combine all ingredients and rest the mixture in a clay pot for 6–8 hours.
  • Stir gently before serving. 

—–                                                  

Pistola Paloma by Maya Pistola Agavepura 

 Bright, effervescent, and effortlessly celebratory, the Pistola Paloma is made for New Year toasts that call for freshness over fuss. Built on Pistola Joven’s smooth yet vibrant agave character, this cocktail brings together zesty grapefruit, sharp lime, and a gentle sparkle—perfect for easing into the year ahead with a citrus-led kick. 

Ingredients: 

  • Pistola Joven – 60ml 
  • Grapefruit juice – 45ml 
  • Lime juice – 15ml 
  • Agave nectar – 15ml 
  • Saline – 5ml 

Method: 

  1. Fill a glass with ice. 
  2. Add Pistola Joven, grapefruit juice, lime juice, agave nectar, and saline. 

——

The Golden Hour by Monarch Legacy Edition x Bartisans 

Golden Hour is your go-to for effortless at-home cocktails this New Year. Created in collaboration by Bartisans and Monarch Legacy Edition, this non-alcoholic festive mixer features notes of rose, saffron, and cardamom, designed to pair seamlessly with Monarch’s pure grape brandy. Together, they create a simple and celebratory cocktail to enjoy as the New Year begins 

Ingredients: 

  • Monarch Legacy Edition Brandy – 60 ml 
  • Bartisans Golden Hour Mixer – 90 ml 
  • Ice 

Method: 

  • Add Monarch and Golden Hour mixer into a shaker or mixing glass with ice.
  • Shake or stir to chill and blend.
  • Strain into a glass over fresh ice.
  • Garnish with a light dusting of cinnamon or a dried rose petal.

——  

Vanilla Old Fashioned by MONIN 

 A smooth, refined twist on a classic. MONIN’s Vanilla Syrup adds a soft sweetness that complements the warmth of bourbon, creating an elegant slow-sipper ideal for ending the feast on a high note. 

 Ingredients: 

  • MONIN Vanilla Syrup – 10ml 
  • Bourbon whiskey – 60ml 
  • Bitters – a few drops 
  • Ice cubes 
  • Orange slice 

Method: 

  • Add vanilla syrup and bourbon to a glass.
  • Add bitters and ice, then stir gently.
  • Garnish with orange slice.

——

Golden Ember Sour by Tulleeho 

Built on bourbon, honey, and ginger, the Golden Ember Sour balances warmth with brightness. Lemon cuts through the richness, while the silky foam brings everything together, making it an easy, elegant choice for ringing in the New Year. 

Ingredients: 

  • Vodka – 50 ml 
  • Lychee juice (fresh or canned) – 30 ml 
  • Elderflower syrup – 10 ml 
  • Fresh lemon juice – 10 ml 
  • Rose water – 2 drops 

Method: 

  • Add bourbon, lemon juice, honey syrup, ginger syrup, and egg white to a cocktail shaker (no ice). 
  • Dry shake vigorously for 15-20 seconds to emulsify the egg white. 
  • Add ice to the shaker and shake hard for another 10-15 seconds. 
  • Fine strain into a chilled coupe glass. 
  • Dash the Angostura bitters on top of the foam. 
  • Garnish with an edible gold leaf or pinch of edible gold dust sprinkled on the foam or a dehydrated lemon wheel placed on the rim.

—— 

Frosted Lychee Martini by Tulleeho  

Designed for the moment the clock strikes twelve, the Frosted Lychee Martini is light, aromatic, and precise. Lychee and elderflower add gentle sweetness, balanced by lemon and a clean vodka base that keeps things fresh as the night moves forward. 

Ingredients: 

  • Vodka – 50 ml 
  • Lychee juice (fresh or canned) – 30 ml 
  • Elderflower syrup (such as St-Germain or homemade) – 10 ml 
  • Fresh lemon juice – 10 ml 
  • Rose water – 2 drops 

Method: 

  • Chill the martini glass in the freezer. 
  • Add vodka, lychee juice, elderflower syrup, lemon juice, and rose water to a cocktail shaker filled with ice. 
  • Shake vigorously for 10-15 seconds until well-chilled. 
  • Fine strain into the chilled martini glass. 

Garnish with a fresh lychee stuffed with a raspberry on a cocktail pick, lightly frosted sugar rim, and optional mist of edible rose water. 

———— 

Savour Me Classic by Davana Vermouth Indica 

Ring in the New Year with this savoury cocktail that balances the herbal sweetness of Davana Rosso with a kick from chilli tincture. 

Ingredients: 

  • Davana Rosso – 45ml 
  • Tomato water – 60ml 
  • Chilli tincture – 3-4 dashes 
  • Citric acid – to balance 

Method: 

  • In a mixing glass, add all the ingredients.
  • Stir and strain into a glass with block ice and garnish the drink with edible tomato leather

——  

Bee’s Knees by Vedant Newatia, Founder and Head Chef, Atelier V 

Bright, zesty, and effortlessly smooth—the Bee’s Knees is sunshine in a glass. A classic Prohibition-era cocktail that hits the sweet spot between citrusy freshness and botanical gin notes, mellowed by a touch of honey. One sip, and it’s pure golden hour magic. 

Ingredients: 

  • Dry gin – 60ml 
  • Honey syrup – 2tsp 
  • Fresh lemon juice – 30ml 
  • Fresh orange juice – 30ml 

Method: 

  • Stir the honey syrup with lemon and orange juices until fully dissolved.
  • Add gin and shake with ice until well chilled.
  • Strain into a chilled coupe or cocktail glass
  • Finish with a twist of lemon or orange zest. 

December 2025 Issue

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The December 2025 issue of Ambrosia is now live! (Click here)

The December 2025 issue of Ambrosia Magazine is here!

It features engaging and insightful articles such as:

• INDSPIRIT 2026
• What to expect in 2026
• Updates on the MML vs ISWAI case
• Pernod Ricard: India’s bet on repertoire drinking
• India’s alcohol economy in 2025: Scale, state power, and structural friction
• Court allows PLL holders to register labels, pending final order
• Exclusive interviews with Pernod Ricard and Bacardi, and many more

As 2026 Beckons: Reading the Signals of a Changing Alcobev India

INDSPIRIT 2026 and Tunes & Tonic Announced

If the final month of this year is anything to go by, 2026 promises to arrive with more than just optimism — it comes with momentum. The year gone by has been anything but quiet for India’s alcobev industry. From the Maharashtra government’s face-off with ISWAI to intense conversations around state control, taxation, and regulatory balance, 2025 has underlined how scale, state power, and structural friction continue to define this business. Yet, amid these challenges, the industry has also demonstrated resilience, adaptability, and an unmistakable appetite for growth.

Throughout the year, Ambrosia has stayed at the forefront of these developments — tracking policy shifts, decoding consumer behaviour, and spotlighting growth stories that make India’s alcobev landscape one of the most dynamic in the world. It is an industry shaped as much by regulation as it is by aspiration, and one that continues to evolve at a pace few global markets can match.

And speaking of consumer behaviour, 2026 will also mark the 21st edition of INDSPIRIT 2026, alongside the debut of Tunes & Tonic, a new consumer-facing experience set to take place in Gurugram on 6–7 March 2026. Together, these events promise to be bigger, bolder, and more immersive — celebrating the industry’s achievements while creating an energetic, music-led atmosphere that resonates with today’s experience-driven consumer.

In this issue, we continue that focus. Our editorial lens turns firmly toward the year ahead, unpacking insights that help decode where the Indian consumer is headed in 2026. From changing drinking occasions and premiumisation to the growing influence of moderation, mixers, and experience-led consumption, these stories are designed to help brands, distributors, and industry stakeholders plan better — whether that means sharper portfolios, smarter strategies, or more meaningful consumer engagement.

For those looking to understand the year that was, our feature India’s Alcohol Economy in 2025 offers a comprehensive snapshot of the forces that shaped consumption, regulation, and market sentiment. Built on perspectives from industry leaders, the article captures both the pressures and possibilities that defined the past year.

Equally compelling are our conversations with Jean Touboul, CEO of Pernod Ricard India, and Inderjit Singh Dhingra of Bacardi. Their insights shed light on how consumer preferences are shifting, how brands are responding, and what trends are likely to shape portfolios and conversations in the year ahead.

As the industry steps into a new year, one thing is clear — 2026 will reward those who listen closely to the market, adapt swiftly to change, and remain committed to quality and relevance. The challenges are real, but so are the opportunities. At Ambrosia, our endeavour remains unchanged: to inform, to question, and to provide clarity in a fast-evolving landscape. As the next chapter unfolds, we look forward to chronicling an industry that continues to redefine itself — one decision, one policy, and one drink at a time.

Marrowbone Lane Irish Whiskey and the Long Game of Cask Investment

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  • Emerging as an alternative Asset Class
  • Moving beyond consumption to custodianship, and from the bottle to the barrel

Whisky is no longer viewed solely as a drink to be enjoyed in the glass. Over the past decade, it has steadily emerged as an alternative asset class, with whisky cask ownership gaining traction among collectors and long-term investors worldwide. Unlike bottled whisky, which is static once released, a cask is a living asset, one that matures year after year, gaining complexity, character and scarcity over time. This quiet evolution has drawn growing interest from investors seeking assets shaped by patience rather than volatility.

As global demand for premium and aged whisky or whiskey (as the Irish and Americans spell) shifts eastward, Asia has become central to this transformation. While traditional hubs such as Scotland and Ireland remain the custodians of production and ageing, participation is increasingly international. Southeast Asia has established itself as a regional trading and storage hub, while South Asia, particularly India, is beginning to engage with whisky not just as a consumer market, but as a participant in the upstream economics of maturation and long-term investment opportunity.

It is within this context that Marrowbone Lane Irish Whiskey (MLIW) positions itself, rooted in heritage, guided by restraint, and aligned with the long arc of whisky itself.

A Peek into Dublin’s Distilling Past

Marrowbone Lane is one of the oldest streets in Dublin’s historic Liberties district, an area whose origins stretch back to the 17th century. For generations, the Liberties served as an epicentre of skilled trades, housing coopers, brewers, merchants and distillers who formed the backbone of Ireland’s whiskey economy.

By the late 19th century, this compact neighbourhood was home to some of the world’s largest distilleries and exported more whiskey globally than Scotland. Though the industrial landscape has changed, the legacy of craftsmanship and resilience remains etched into the cobbled streets and historic warehouses of Dublin 8. Marrowbone Lane Irish Whiskey takes its name from this lineage, not as a stylistic flourish, but as a statement of values.

Premium Whiskey Stocks

Marrowbone Lane Irish Whiskey draws its identity from the people and practices that shaped Ireland’s whiskey reputation long before its modern revival. Rather than pursuing high-volume production, the Ireland-linked, UK-based house focuses on the long-term stewardship of premium whiskey stocks.

Working exclusively with licensed distilleries and bonded warehouses in Ireland and Scotland, the emphasis is clear: patience over pace, provenance over promotion. The approach reflects a belief that whiskey rewards time, discipline and transparency, principles increasingly important as interest in cask ownership expands globally.

Founder and Senior Partner Professor Vijay Edward Pereira has consistently underscored that whiskey cask ownership should be approached as a long-term commitment rather than a speculative trade. Value, he notes, is created through maturation, responsible warehousing and careful asset management, not quick exits or inflated expectations.

Opening the Cask Door for India

Marrowbone Lane occupies a distinctive position in India’s evolving whisky landscape. “It is the first company to formally enable Indian participants to legally own maturing whiskey casks stored in duty-suspended bonded warehouses in Ireland and Scotland, a category traditionally limited to distillers, bottlers and institutional buyers in Europe,” states Gora Mukherjee who is joining in January as Global Director – Commercial of Marrowbone Lane Irish Whiskey.

Through structured offerings, participants gain access to properly documented, regulated cask ownership aligned with international best practices. This marks a fundamental shift in how Indian consumers engage with whisky, moving beyond consumption to custodianship, and from the bottle to the barrel. The model introduces governance, traceability and education into a space that has historically lacked clarity, positioning cask ownership as a long-term engagement rather than a transactional product.

Irish Whiskey, One of the fastest-growing spirits

Irish whiskey is among the fastest-growing spirits categories globally, supported by premiumisation, a younger and more globally exposed consumer base, and rising interest in aged expressions. India, in particular, has emerged as a high-potential market, not only driving consumption but increasingly influencing upstream demand for maturing stocks held in Ireland.

This growth has shifted attention from retail shelves to distilling capacity, bonded warehousing and long-ageing inventories, reinforcing the strategic importance of cask management and long-term planning.

 Cask Ownership

At its core, whisky cask ownership involves holding new-make spirit or maturing whisky in oak barrels within licensed bonded warehouses. Over time, interaction between spirit, wood and environment enhances flavour, while evaporation, the “angel’s share”, steadily reduces volume, increasing scarcity.

Each cask is a tangible, regulated asset, valued on factors such as distillery provenance, age, cask type, alcohol strength, expected yield and global demand. Entry points for Indian participants are designed to be relatively accessible by international standards, lowering barriers to a category traditionally perceived as exclusive.

An Alternative Asset

Internationally, whisky casks are often discussed alongside other alternative assets such as fine wine, art and classic automobiles. Historical performance has shown steady appreciation driven by maturation and limited aged stocks. However, experts caution that returns are not guaranteed. Liquidity is limited, holding periods are long, and ownership should not be equated with regulated financial products.

Mike Ward, Founding Partner at Marrowbone Lane Irish Whiskey, reinforces this disciplined outlook. “Irish and Scotch whiskey earned their reputations over centuries, not seasons. If a whiskey is worth making, it is worth waiting for,” he says.

A Category Defined by Time

As global whisky demand continues to rise, the conversation is evolving, from labels and launches to the quieter economics of ageing, bonded storage and stewardship. For Marrowbone Lane Irish Whiskey, opening cask ownership to Indian participants is not about speed or scale, but about building the category responsibly. In a world driven by immediacy, whisky remains an exception shaped not by urgency, but by time.

R. Chandrakanth

Ambrosia

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Court Allows PLL Holders to Register Labels, Pending Final Order

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  • Government defends ‘Maharashtra Made Liquor’ (MML) policy citing increase in revenue by 17%
  • On December 16, United Spirits Limited applies for new label license – McDowell’s Century Blended Whisky, under MML category
  • 64% of the total liquor manufactured in 2024–25 is from nine potable liquor license (PLL) holders
  • MML necessary to revive struggling domestic license holders, government contention
  • Section 49 of Maharashtra Prohibition Act Invoked, Questions Locus Standi of ISWAI

The Bombay High Court in its hearing on December 23 has allowed all companies to apply and directed the Excise Department to process their application for Maharashtra Made Liquor (MML) license, irrespective of earlier conditions. The Interim direction is subject to the final order.

The Court has posted the next hearing to January 19, 2026.

Justice Revathi Mohite Dere and justice Sandesh Dadasaheb Patil are hearing the case. It must be mentioned here that Justice Dere has been recommended as Chief Justice of Meghalaya starting mid January.

The December 23 directive basically states that all potable liquor licenses (PLL) holders should be allowed to apply for production and sale of MML and the Department must process their applications as if the exclusionary clauses 2 and 3 of the Government Regulations don’t exist (examples being Registered Office should be in Maharashtra; minimum 25% locally resident Directors; no foreign investment etc). 

Department Cites Revenue Increase

On December 16, the Government of Maharashtra, had defended in the Court the MML policy, stating that it had led to a nearly 17 per cent increase in excise revenue. The government informed the Court that it had invoked Section 49 of the Maharashtra Prohibition Act, which gives it ‘exclusive privilege on trade in excisable articles’, thus questioning the locus standi of the International Spirits and Wine Association of India (ISWAI) which has filed the petition challenging the MML policy.

The government made the submission in response to the petition of ISWAI which represents several companies including global giants such as Pernod Ricard, Diageo and Bacardi.

The State Government took shelter under Section 49 of the Maharashtra Prohibition Act to argue that trade in excisable articles remains the exclusive privilege of the government, which may be conferred only upon license-holders for consideration.

While acknowledging that one ISWAI member, Pernod Ricard India, holds two potable liquor licenses (PLL), in Nashik and Kolhapur, the government affidavit said that most other members do not operate manufacturing units in Maharashtra. The State questioned ISWAI’s locus standi to challenge the policy, pointing out that ISWAI does not hold any potable liquor license.

“The State government has not imparted this privilege to ISWAI, it does not hold the right to bring an action against the policy decision on behalf of the alleged members of the association.”

Excise Revenues Surge

The Government representatives also made out a case of how excise revenue had surged post introduction of the policy. The excise collections between July and November 2025 rose from ₹9,665.64 crore in 2024–25 to ₹11,299.40 crore in 2025–26, it mentioned.

This growth contrasts with the average 12% rise recorded between April and June 2025, before duty revisions and the rollout of MML. “This shows positive growth after introduction of new policy,” the government said. The government further argued that the policy was aimed at addressing an uneven competitive landscape, promoting local liquor manufacturers and reviving idle capacities in domestic distilleries.

The government said that about 64% of the total liquor manufactured in 2024–25 came from nine potable liquor license (PLL) holders, many linked to ISWAI members or their subsidiaries. The State argued that these figures justified creation of the MML category and a reserved, incentive-based policy was necessary to revive struggling domestic license holders.

ISWAI had challenged the policy as arbitrary and discriminatory, arguing that it violates Article 14 of the Constitution by creating “a preferential class” of PLL holders who alone may manufacture MML, while excluding similarly placed licensees, including its members.

ISWAI argued that this criteria defeats the purported objectives of employment generation, investment promotion, full-capacity utilisation of distilleries and enhancement of excise revenue. It added that the same policy goals could be achieved by allowing all PLL holders to produce MML rather than reserving lower taxes and a price brand for a narrow class of locally structured licensees.

Even while, the Court is hearing the case, United Spirits Limited with unit in Chikhalthana in Aurangabad taluk has applied under MML category a label by name ‘McDowell’s Century Blended Whisky to be sold exclusively in Maharashtra.

Court Directs Department to Open Portal for Label Registration

On November 24, the Court had allowed the State and other stakeholders to go ahead with preparatory steps for execution of the policy decision, but clarified that the same will be without prejudice to the outcome of the case.

The Court had directed the Government representatives to open the portal for any alcobev player from within the state. However, till December 9, the excise department had not facilitated that process, forcing the Court to take notice of that and cautioning the government.  A two-judge bench headed by Senior Judge Revathi Mohite Dere asked why the excise department had not followed the court directive and cautioned the government that it would take serious notice of the lapse.

Department Holds Right to Accept or Reject Application

Sources in the Excise Department clarified that the portal is open for anyone to file an application for registering their labels, but it is the department’s prerogative to accept or reject the application.

The ISWAI contention has been that the process for companies to get their labels registered is time-consuming, not less than 45 days, and with the court case going on there would be further delay. This, the ISWAI source mentioned would give undue advantage to the eight players who have been granted licenses to set up MML units. They are already marketing MML in the price band of Rs. 160 and Rs. 205 where brand really does not matter to a particular segment of consumers.

MML Category Doing Well

As of now, reports from the ground indicate that the products launched under the MML category are doing ‘extremely well’ with product quality being good. Some of the MML players or the consultants who are guiding them come with enormous experience in the liquor industry, either having worked in major companies or having bottling plants or ethanol units. Some of them also own retail shops across Maharashtra where they can give good shelf position for their products.   

The ISWAI source said that many of the players were ‘commodity players’ and not ‘brand players’ and they would flood the market having a good lead over the established companies. The source acknowledged that the MML players had drafted consultants who have had strong background in the liquor business and are helping the licensees to set up the businesses, thus giving ‘undue advantage’ to them.

In mid-2025, the Maharashtra government introduced policy changes to incentivise local investment. It brought in the MML category, to include grain-based spirits produced exclusively by local manufacturers. The tax rate for MML is 270 per cent with zero foreign investment/ownership. The government believes that this will spur the local industry.

ISWAI then filed a lawsuit against the Maharashtra government, challenging the sharp hike in excise duty on premium affordable liquor brands and also for exclusion of brands of major players such as Diageo India and Pernod Ricard India from the newly-created lower tax category of MML.

The court also asked the government lawyer why the report of the Varsha Nair Committee was not submitted earlier on MML. The report highlights certain salient points to encourage those distilleries which are closed or underutilised in Maharashtra to produce cheap liquor. The report added that this would generate additional revenue to the excise department as well as generate employment provided it is made in Maharashtra for distribution in Maharashtra. It also prescribes certain minimum shareholding pattern for owners.

Eleven Licenses Approved, Several in the Pipeline

So far, the department has approved eleven MML licenses and many more are pending. Companies, both International and nation, are keen on jumping on to this MML bandwagon to produce economy liquor priced between Rs.160 and Rs.205 for the Maharashtra consumers even while their focus is on premium brands. These companies could launch similar products in this price range with some brand extensions and so on. 

The Government is represented by Advocate General Milind Sathe with government pleader Neha Bhide and additional government pleaders Shruti Vyas and GR Raghuwanshi. ISWAI is represented by senior advocate Rohan Shah and advocates Darshan Bora, Chirag Shetty, Anchal Mundada, Kanika Birje, Surabhi Prabhudesai, and Vidhi Shah.

Trilok Desai / R.Chandrakanth

Ambrosia

Section 49 in The Maharashtra Prohibition Act

Exclusive privilege of Government to import, etc., intoxicants, etc., and fees levied include rent or consideration for grant of such privilege to person concerned.

Notwithstanding anything contained in this Act, the State Government shall have the exclusive right or privilege of importing, exporting, transporting, manufacturing, bottling, selling, buying, possessing or using any intoxicant, hemp or toddy, and whenever under this Act or any licence, permit, pass, thereunder any fees are levied and collected for any licence, permit, pass, authorisation or other permission given to any person for any such purpose, such fees shall be deemed to include the rent or consideration for the grant of such right or privilege to that person by or on behalf of the State Government.

GIFT City liquor rules eased

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Any person from outside Gujarat or India can now consume liquor at designated hotels or restaurants in Gujarat International Finance Tec-City (GIFT City), a global finance centre in Gandhinagar, by showing a photo ID card, as per changes made to alcohol rules at the hub by the state government.

The Gujarat government has introduced major changes to liquor rules at GIFT City, doing away with the norm of obtaining a permit for alcohol consumption. The state home department has announced the changes through a gazette notification on December 20, further easing liquor consumption rules at GIFT City.

According to the latest notification, any “external person” who is not from Gujarat or a foreign national can now consume liquor at designated facilities at GIFT City by showing his or her valid photo ID card. This new rule discards the previous condition, wherein such “external persons” had to get temporary permits.

Gujarat is a “dry” state where the manufacture, sale, and consumption of liquor are prohibited. However, the government made an exemption for GIFT City in 2023, allowing the sale and consumption of alcohol in the central business district with some conditions.

Another change brought in by the home department pertains to the place where liquor can be served and consumed. Earlier, liquor consumption was allowed only at designated wine and dine areas of hotels or restaurants that have permission to sell liquor inside GIFT City. Now, liquor can be consumed in other areas as well, such as lawns, poolside and terraces.

As per the notification, any person coming for food is allowed to sit in the wine and dine area of a restaurant. Employees of GIFT City, who have a “Liquor Access Permit”, can host up to 25 visitors at a time at designated places, and visitors would get “temporary permits” provided that the host employee accompanies them, the notification stated.

Amrut Unveils “Mumbai Chi Maaya,” Its Landmark Mumbai City Edition

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  • Discover “Mumbai Chi Maaya,” a limited-edition single malt whisky
  • Captures the vibrant spirit of Mumbai

Amrut Distilleries has unveiled “Mumbai Chi Maaya,” a radiant single malt whisky. This limited-edition expression is an ode to Mumbai’s restless spirit, where crashing waves meet neon nights, and every soul carries a story waiting to be written.

Amrut chose Mumbai as the muse for “Mumbai Chi Maaya” because no other city holds together such intense resilience, ambition, and everyday joy under one bewitching spell. It is a city that has stood tall through some of the toughest chapters in recent history; the Gateway of India on the pack is not just a monument, but a symbol of a spirit that refuses to be broken, it’s very silhouette shimmering with the quiet maaya of survival and renewal.

The Bombay Stock Exchange embodies the electric magic of risk and reward, a daily high-wire act where fortunes turn in seconds, yet confidence endures, as if guided by an unseen hand. Wankhede Stadium recalls the unforgettable 2011 Cricket World Cup win, when an entire nation’s hope converged in Mumbai and burst into a moment so euphoric it felt almost unreal. The dabbawalas, rendered with pride, bring their own brand of maaya to the city—precision and hustle without error, moving thousands of tiffins flawlessly through chaos, as if by some invisible choreography.

“Mumbai Chi Maaya” salutes the quieter rituals defining the Mumbaikar’s life: dilemmas debated over vada pav, friendships renewed on station platforms, and calm found gazing at the Arabian Sea sunset. Mumbai’s local trains, the city’s lifeline, ferry over 7.5 million daily across 450 km, stitching suburbs to core and turning chaos into shared rhythm.​

At its heart is the liquid: 48% ABV—a rarity for Indian consumers,mirroring Mumbai’s intensity with bold depth, structure, and palate length, yet refined and approachable. Each pour travels Mumbai’s bewitching maaya and magic 

“The ‘Mumbai Chi Maaya’ Edition is a tribute to Mumbai’s extraordinary spirit—its aspiration, endurance, and everyday grace. From iconic landmarks and shared memories to quiet, personal moments, every detail in the pack and every sip honors our bond with a city where dreaming big is a way of life and reflects Amrut’s commitment to celebrating India’s roots and its remarkable cities through every handcrafted expression,” said Rakshit N Jagdale, MD Amrut Distilleries.

Karnataka to auction unused excise licences, to mop up additional Rs 1,000 crore revenue

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  • In the 2025–26 Budget, Chief Minister Siddaramaiah proposed allotting unused liquor licences through e-auction
  • To boost the State’s additional resource mobilisation.

The Karnataka Excise Department has initiated the process of auctioning unused retail licenses, in the hope of raising additional revenue of nearly Rs. 1,000 crores. The State Government has issued a gazette notification on the e-auctioning of 579 unused CL-2A (retail liquor shops), CL-9A (bars & restaurants), and CL-11-C (government-owned Mysore Sales International Limited) licences.

The government on November 3 had issued the final notification on the amendment to the Karnataka Excise (General Conditions of Licences) Rules, 1967, Karnataka Excise (Lease of the Right of Retail Vend of Beer) Rules, 1976 and Karnataka Excise (Sale of Indian & Foreign Liquors) Rules 1968 for e-auctioning of defunct/unused licences.

The amended rules are now called the Second Amendment Rules, 2025 in the above three categories. Two new license categories, CL-2A for CL2 (retail liquor shops) and CL-9A for CL-9 (bars & restaurants) have been created for the unused licenses under consideration for auction.

“This is the first time unused and unallotted Excise licences are being auctioned to generate revenue. The government is expecting to earn around Rs 1000 crore through the e-auctioning process. Some licences that the department had issued to government-owned MSIL (CL-11C) and were not opened have been taken back and are being auctioned under the CL-2A (CL2 retail liquor shops) category only. The CL-9A licences (CL9 bars & restaurants) that are being auctioned were discontinued and hence brought under the auction pool,” Joint Commissioner, Excise, Indian Made Liquor (IML), T Nagarajappa has said.

He added that 182 out of 569 will be auctioned for the eight (Excise) districts in Bengaluru Urban District (BUD) alone. Majority of licences will be auctioned for Bengaluru city. The rest will be auctioned in corporations and other taluks. CL-9A is likely to be auctioned for corporation areas like Bengaluru, Mysuru, Mangalaru and Belagavi.

Registration for bidders began on December 22, while live e-bidding will take place between January 13 and January 20, 2026, according to the gazette notification. Bidders can participate only after completing registration and confirming online payment in their wallet. They have been advised to complete the registration process at least 48 hours before the start of the auction slot they wish to participate in.

Base bidding for the auction is likely to be pegged at Rs 1.5crore for licences in Bengaluru city. For other areas, it may be between Rs 80 lakh and Rs 1 crore. The process of e-auction is slated to be over by January 10, 2026. The government is likely to mop up around Rs 600 crore revenue through the auctions, according to sources.

Interested bidders must register on the MSTC Limited e-auction platform. A one-time registration fee of Rs 1,000 plus applicable GST must be paid online. The application fee for each licence is a non-refundable Rs 50,000. The government has provided reservations in the auction process: six per cent each for Scheduled Caste-A and Scheduled Caste-B categories, five per cent for Scheduled Caste-C, and seven per cent for Scheduled Tribes for CL-2A and CL-9A licences. Discontinued or unallotted CL-2 and CL-11C licences have been reclassified as CL-2A, while discontinued CL-9 licences have been reclassified as CL-9A. Accordingly, 477 CL-2A and 92 CL-9A licences are available for e-auction.

For participating in the auction, bidders have to pay a non-refundable application fee of around Rs 50,000 and refundable Early Money Deposit (EMD) of around 3% of the base bidding price. MSTC Limited, a Government of India enterprise, will conduct these auctions through a transparent electronic (e-auction) system.

Shri Siddaramaiah, The Chief Minister of Karnataka

The Chief Minister Siddaramaiah had proposed allotting unused liquor licences through a transparent electronic auction to aid additional resource mobilisation for the State. He had made this statement while presenting the 2025-26 state budget. Details of the e-auction schedule are available on the Karnataka State Excise Department portal and the MSTC e-auction platform.

R.Chandrakanth

Ambrosia

Bira91 Founder Ankur Jain Willing to Step Down

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B9 Beverages founder and Chief Executive Officer, Ankur Jain is said to have offered to step down from the leadership of the company for the ‘sake of the company’. According to media reports, this offer was made during the protracted discussions with investors. Some employees and investors have been seeking his ouster, even as Bira91 continues to be in a freefall.

It is reported that the company’s investors have had several rounds of talks to get the company back on track, minus Jain. The talks are said to be in an advanced stage and indications are that there is likelihood of an external professional taking over the reins of B9 Beverages. The talks also have revolved around how to unlock potential revival or rescue funding for the company. Jain who was initially reluctant to step down, but with probable investors putting conditions, his exit seems imminent.

In October, more than 250 employees submitted a formal representation to the company’s board and key shareholders, including Kirin Holdings and Peak XV Partners, urging the removal of Jain from his role as founder and CEO. The communication was also sent to Anicut Capital, the company’s largest lender.

Employees alleged shortcomings in corporate governance, inadequate transparency, delayed salary payments and failures to meet statutory obligations. They further cited unpaid vendor bills and ongoing creditor disputes as signs of a company under mounting financial strain.

According to people familiar with the matter, Jain had raised personal borrowings in the past to buy out stakes from existing shareholders, increasing his financial exposure to the company. In at least one transaction, an entity linked to Jain is said to have borrowed funds from a trust connected to industrialist Sunil Munjal, using Bira shares as security. Those shares were reportedly invoked in October, intensifying apprehensions among investors about financial stress at both the promoter and company levels.

Operational issues have compounded these worries. B9 Beverages has reportedly not remitted tax deducted at source (TDS) collected from employee salaries to the income tax department for over six months, underscoring persistent cash flow challenges. The lapse has raised questions around statutory compliance and internal financial controls.

For Bira to regain momentum in 2026, the business would need to be stabilised well ahead of the summer season, which accounts for a large share of annual beer consumption in India. Prolonged uncertainty around leadership or delayed capital infusion could significantly weaken its ability to leverage this peak demand period.

The financial picture has added to investor unease. B9 Beverages reported a net loss of `748 crore in FY24 against revenues of `638 crore, while volumes are estimated to have fallen to 6–7 million cases from 9 million cases in the previous financial year. The absence of filed FY25 results has further added to the uncertainty.

In an attempt to tighten execution, the company announced a leadership overhaul in July 2025, naming Vikram Qanungo as chief financial officer and strengthening senior ranks across manufacturing and sales functions.

As negotiations with investors near a decision point, stakeholders are keen to resolve leadership questions swiftly to make space for a turnaround effort. The outcome is expected to be important in determining the future of Bira brand over the next year.

R. Chandrakanth

Ambrosia