Author Archives: Janhavi Panani

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

Nao Spirits crowns Shreyas & Karan from Hideaway Goa as 2025’s ‘Bar Idols’ Winners

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5th edition of the only bartender-and-server duo showcase had 243 bars participate across India
Abhijeet and Fabio from Pune’s Mazdana came in second place
Parth and Abhinav from Bombay’s Permit & Co. ranked third

Launched by Nao Spirits & Beverages, the makers of Greater Than and Hapusa Gin, Bar Idols, India’s first bartender-server competition, came to a close with a grand finale in Goa. The 5th edition saw 243 bars participate across seven cities, around 700 consumers attending, with the team at Hideaway (Goa) taking the crown.

The regional rounds took place across seven cities. This edition welcomed Meerut, Indore, and Manipal for the first time, and saw increased participation from regions like Assam and Chandigarh; proof that India’s bar culture is becoming more inclusive, more distributed, and more exciting than ever.

Bar Idols remains the only competition where bartenders and servers compete together, and where consumer pitches; not the bar’s reputation; decide the win. With about 700 consumers across all cities participating, the judging remained intentionally blind: no bar names or bias, just hospitality, storytelling, and connection.

Most city winners were first-timers; Bangalore’s The Drawing Room, Bombay’s Permit & Co, Pune’s Mazdana, Kolkata’s Cal-On, Hyderabad’s Whiskey Samba and Gurgaon’s Ophelia. A reminder that hospitality and conversations matter more than clout.

The menus read like a love letter to India’s cities and cultural quirks: Nanital, Dadi’s Guava Garden, Gondo-Rage Quite, Kokum Bliss, Howrah Breeze, Puchka Picante, Sondhya Negroni, Ekta Cheers Hobe Naki?, Tok of the Town, Parsi Dhansak, Thecha Bomb, and Ardee’s Soda, to name a few.

From white chocolate apricots to mini ramen bowls, edible papers, puchkas that garnished cocktails in mud pot serves and sake-glasses, bars pushed visual storytelling as much as flavour.

Speaking about the competition’s evolution, Anand Virmani, Co-founder & Master Distiller, Nao Spirits & Beverages, said, “The idea behind Bar Idols has always been straightforward: the drink is half the story; the person serving it is the rest. We wanted a competition that mirrors reality; service and connection matter as much as technique. This year made that obvious. When you remove the bias of bar names, the freshest, hungriest talent rises. That’s the part we’re most proud of.”

This year also marked the official renaming of the platform.

“As much as we loved the previous name, it never quite captured what the competition was really about. It wasn’t about battles or rivalries; but geared towards raising the bar together. The real goal has always been to shine a light on the unsung heroes of hospitality and to build a sense of community around that. So, it only felt right to move from Wars to Bar Idols,” said Aparajita Ninan, Co-Founder, Nao Spirits & Beverages.

Baileys And Starbucks line-up five non-alcoholic beverages for the festive season

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Baileys by Diageo India and Starbucks, come together to celebrate the flavours, rituals, and small magical joys that define the holiday season. Developed exclusively for Starbucks for the first time, the beverages bring together Starbucks handcrafted beverage expertise with Baileys’ signature Irish Cream flavour, creating a festive line up designed for warmth, joy, and everyday indulgence.

Starbucks has shaped the culture of coffeehouse rituals in India, while Baileys has long been celebrated globally for its unmistakably creamy, dessert-led flavour. Their coming together brings consumers familiar favourites with a festive twist that feels both comforting and delightfully unexpected. The holiday line-up showcases the depth and versatility of Baileys’ signature flavour, paired with Starbucks most-loved formats:

Signature Irish Latte: Starbucks signature latte infused with the rich flavour of Baileys Irish Cream non-alcoholic syrup, finished with a sprinkle of chocolate powder: cozy, nostalgic, perfect for winter mornings

Signature Irish Frappuccino: Smooth premium arabica espresso swirled with Baileys Irish Cream non-alcoholic syrup and topped with a whipped Irish inspired cream: smooth, playful, ideal for holiday celebrations

Signature Irish Cold Brew: Signature steeped Cold Brew meets Baileys Irish non-alcoholic flavoured sweet cream and garnished with chocolate dust: refreshing and full of joy

Signature Irish Matcha: A creative fusion of Baileys Irish Cream non-alcoholic flavoured milk topped with airy matcha foam and a light sprinkle of chocolate: fresh and delightfully festive

Signature Irish Reserve Shakerato: Available only at Starbucks Reserve stores in Mumbai and Gurugram, rich espresso shaken with Baileys Irish Cream non-alcoholic syrup and vanilla sweet cream, topped with a Baileys coffee whipped cream and chocolate dust: serving the merry magic

Mitali Maheshwari, Head of Product and Marketing, TATA Starbucks, shared, “Our holiday lineup has always been about comfort, connection, and the joy of shared moments. Partnering with Baileys lets us elevate that emotion, bringing together their iconic creamy flavour, now in a non-alcoholic syrup format with the seasonal favourites our customers love. It’s an indulgent, playful collaboration designed to spark joy, invite togetherness, and make this holiday season feel a little more magical.”

Ruchira Jaitly, CMO at Diageo India, shared, “We are thrilled to bring together the velvety richness of Baileys with handcrafted beverages from Starbucks. This collaboration is a showcase of our commitment to crafting elevated, non-alcoholic indulgence for all occasions and consumers. Baileys has always been about celebrating life’s little treats and the moments that make the season feel special. Bringing our signature creamy flavour in a non-alcoholic format to Starbucks India allows us to reimagine indulgence for the holidays in a way that is warm, familiar, and beautifully uplifting.”

The Baileys + Starbucks limited edition beverages is available across all Starbucks India stores.

New Beer Releases at Geist Brewing Co.

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Geist Brewing Co. has introduced four new beers on tap, each offering a fresh flavour profile. They include Geist Lagerithm; Geist Route 66; Geist Double IPA; and Geist Star Spangled Haze.

The lineup begins with Geist Lagerithm, a pale hoppy lager that brings a gentle mix of citrus and mild tropical fruit notes. Geist Route 66 follows with a Midwest style IPA that balances bright citrus and floral character with a smooth thread of bitterness. For a bolder choice, Geist Double IPA delivers a classic West Coast experience with layers of spice, pine and mild resin. Rounding out the collection is Geist Star Spangled Haze, an East Coast style that pours pale and fruit forward. Notes of citrus, tropical fruit and berries rise first, supported by gentle spice and a soft malt body that keeps the finish smooth and balanced.

They are available on tap at all Geist Brewing Co. outlets.