Author Archives: Janhavi Panani

Piccadily Launches Cashmir – A Small-Batch Luxury Vodka Made with Heritage Indian Wheat

Piccadily, the makers of Indri single malt and Camikara rum have launched Cashmir, a small-batch luxury vodka crafted from heritage Indian winter wheat and glacial water from the Kashmir Valley.

The vodka is made using organic, non-GMO, and non-hybrid wheat and is distilled seven times to achieve a smooth and clean profile. The use of water sourced from Kashmir also enhances its purity and taste say the makers. The vodka draws inspiration from the region’s natural and cultural elements, including the saffron fields Dal Lake, and local craftsmanship. It reflects Piccadily’s continued effort to create premium Indian spirits rooted in provenance and quality.

The vodka is developed by Surrinder Kumar, Piccadily Master Blender and says that Cashmir is a personal tribute to Kashmir, designed to reflect its natural purity and heritage. Praveen Malviya, CEO (IMFL), added that the launch marks Piccadily’s entry into the vodka category as part of its growing premium portfolio.

No Liquor on May 21 in Karnataka, Industry Opposes Constant hikes in excise duty and license fee

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As per draft notification the annual license fee has been increased from ₹27 lakh to ₹54 lakh
For distilleries and warehouses, it has been increased from ₹45 lakh to ₹90 lakh

Distilleries and liquor shops in Karnataka are up in arms against the Karnataka Government which has been raising excise duty and license fees at regular intervals. As a mark of protest, they have called for a strike on May 21 and retailers have decided not to purchase liquor from government depots.

On May 15, yet again, the Karnataka government issued a draft notification to double the license fee on May 15. Organisations such as the Karnataka Wine Merchants Association, the National Restaurant Association of India, and the Karnataka Brewery and Distilleries Association have opposed this move and have given a call to all liquor vends in the state to close on May 21. They said across the State almost 12,000 licensed liquor shops will down the shutters.

According to the draft notification the annual license fee has been increased from ₹27 lakh to ₹54 lakh. For distilleries and warehouses, it has been increased from ₹45 lakh to ₹90 lakh. The new fees will come into effect from July 1.

The associations said the repeated hikes by the government had rendered the business unviable, leading to closure of many liquor shops.

The Congress-I government has been increasing excise, milk prices, flat registration charges etc. as to fund the many freebies it announced during the elections. Excise officials say that the fee was increased this year to make up for the shortfalls of the previous financial year. The revenue target for the financial year 2024-25 was 38,525 crores. But only 35,530 crores could be collected. Retailers said the new license fee hike will hit budget segment sales and small outlets. They said that nearly 40 pubs in Bengaluru closed last year as doing business was becoming difficult.

Tilaknagar Industries PAT jumps 95.7%; EBITDA grows 62.6% in Q4 FY 25

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IMFL manufacturer Tilaknagar Industries Limited (TI) has reported a major spurt in revenue and profit for Q1 2025. The company’s net revenue from operations grew 13.1% from ₹359 crore to ₹406 crore in the corresponding quarter last year. While the profit after tax (PAT), excluding exceptional items, showed a growth of 95.7%, rising to ₹77.35 crore from the ₹39.52 crore reported in the year-ago period.

TI reported a 62.6% growth in EBITDA from ₹48 crore to ₹78 crore in Q4 FY24, and they attribute this to improved operational efficiencies and volume-led growth,. Adjusted for subsidy income, the EBITDA stood at ₹65 crore, a 35.5% Y-o-Y growth.

The EBITDA margin registered a growth of 588 basis points; rising from 13.4% to 19.3% during the period under reference. In Q4 FY 25, the company recorded a volume growth of 20.1% Y-o-Y, signaling a strong return to its growth trajectory. This performance was reinforced by the successful completion of the Andhra Pradesh Route to Market (RTM) transition, which had previously impacted volumes. The company also reported significant market share gains across all key states, further reinforcing its competitive position in the Indian IMFL landscape.

Speaking on the performance, Amit Dahanukar, Chairman & Managing Director, Tilaknagar Industries said, “We anticipate sustained momentum, supported by continued market share gains across all major Southern states.”

For FY25, TI reported consolidated net revenue of ₹1,434 crore, up 2.9% Y-o-Y, impacted by a price reduction in Andhra Pradesh and muted volume growth in the first nine months. Despite modest growth in net revenue, EBITDA rose by 37.4% to ₹255 crore while PAT surged 62.9% Y-o-Y to ₹230 crore.

In FY25, TI made further progress in reinforcing its balance sheet, reducing gross debt and achieving a net cash position of ₹107 crore as of March 31, 2025. The Board of Directors has recommended a dividend of ₹1 per equity share for FY25.

During the year, TI strengthened its market presence, maintaining its position as the third-largest player in the Prestige & Above (P&A) IMFL segment in Telangana and Karnataka and the largest IMFL player in Puducherry, reflecting strong brand equity and deep market penetration. Additionally, TI has commenced distribution of the Spaceman Spirits Lab (Spaceman) portfolio, including Samsara Gin, in select markets. This follows the usership agreement signed between Spaceman and TI, marking a strategic step towards expanding TI’s presence in the premium craft spirits segment.

Celebrate World Whisky Day with Must-Try Whiskies and Cocktails

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World Whisky Day, on May 17, is more than just a toast to tradition—it’s a celebration of how far whisky has come. Today’s blends are bold, approachable, and made to be enjoyed —neat, on the rocks, or shaken into a cocktail. Whether it’s the smooth, citrusy charm of Monkey Shoulder or the mellow depth of Grant’s TripleWood, these modern whiskies break the mould while staying true to their roots.

Monkey Shoulder is a bold yet balanced blend of Speyside’s finest single malts. Selected in small batches and expertly married, it delivers a signature smoothness with layers of zesty orange, mellow vanilla, and spiced oak. On the palate, rich honeyed sweetness meets warm spice, leading to a lingering finish with a hint of peppermint. Matured in first-fill ex-Bourbon casks and blended for depth, Monkey Shoulder is made for mixing—whether in a classic Old Fashioned or a fresh, lively cocktail.

Monkey Sundowner

The Monkey Sundowner is a light cocktail that captures the essence of a relaxing evening drink. It combines the smooth richness of Monkey Shoulder with the sweetness of peach syrup and the tartness of lime juice, creating a perfectly balanced flavour profile. The grapefruit shrub adds a tangy, slightly bitter finish, making it both refreshing and complex. The garnish of an edible flower adds an elegant, summery touch.

Ingredients:

60ml Monkey Shoulder
20ml peach syrup
20ml lime juice
Grapefruit shrub (to top up)

Garnish:

Edible flower

Method:

Shake the Monkey Shoulder, peach syrup, and lime juice with ice until well mixed. Strain the mixture into a glass filled with ice. Top up with grapefruit shrub and gently stir. Garnish with an edible flower for a visually stunning finish.

Grant’s TripleWood

Grant’s TripleWood is matured in three different types of woods: Virgin Oak cask, which provides the spicy robustness, American Oak, which lends subtle vanilla smoothness and the Bourbon refill, which offers brown sugar sweetness, resulting in a smoother, richer, mellower taste. It has the notes of ripe pear and summer fruits and has a long and sweet finish with a subtle hint of smoke.

Grant’s Tropical Fiesta

Tropical Fiesta by Grant’s is a Spirit Drink made by infusing Blended Scotch Whisky with natural pineapple and mango flavourings. Grant’s Tropical Fiesta captures the essence of the tropics in every sip and offers a refreshing and modern twist on the whisky experience.

Ingredients: 

Grant’s Triple Wood 60ml
Ginger Juice 10ml
Pineapple Juice 30ml
Lime 20ml
Ginger Ale

Garnish:

Pineapple Leaves

Method:

Pour Whisky, Ginger Juice, Pineapple Juice and Lime Juice over ice in Highball Glass.
Top up with Ginger Ale.
Garnish with Pineapple Leaves.

India and UK sign historic FTA

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Prime Minister, Narendra Modi calls the pact ‘historic milestone’
UK Prime Minister, Keir Starmer believes it would strengthen alliances and reduce trade barriers
Scotch whisky and gin tariff reduced from 150% to 75%
Indian alcobev industry hopes ‘minimum import price’ and non-tariff barriers are addressed
Radico Khaitan to import ₹250 crore worth of Scotch in Fiscal Year 2025-26, expects substantial cost-benefit

After protracted negotiations from January 2022, India and the United Kingdom finally signed the ‘Free Trade Agreement’ on April 6. The Indian Prime Minister, Narendra Modi has termed it as a ‘historic milestone’, while his UK counterpart Sir Keir Starmer said that strengthening alliances and reducing trade barriers with economies around the world is part of their ‘Plan for Change’ to deliver a stronger and more secure economy.

The FTA signing announcement came following a telephonic conversation between Prime Minister Modi and his UK counterpart Starmer. The pact was signed in London by the Indian Commerce Minister, Piyush Goyal and the UK Trade Secretary, Jonathan Reynolds. The FTA covers 90% of tariff lines and includes tariff cuts on Scotch whisky, gin, automotive exports, medical devices, and machinery.

Scotch Whisky Tariff Halved

The Scotch whisky industry has been seeking reduction in tariff and that has been halved from 150% to 75% at entry into force, following to 40% after 10 years.

It must be mentioned here, recently India had reduced the tariff on American whiskey (bourbon) from 150% to 100%. India is likely to see now more of imported whiskies, predominantly Scotch as Indians love the dram.

Automotives down from 100% to 10%

The UK Department for Business and Trade (DBT) said that besides whisky and gin, tariff reductions have also been achieved on products such as medical devices, advanced machinery and lamb. Automotives has had the biggest tariff reduction from 100% to 10%. DBT said that the reduction of tariffs would be worth over 400 million pounds based on 2022 trade statistics and is expected to double to 900 million pounds by 2035.

“By striking a new trade deal with the fastest-growing economy in the world, we are delivering billions for the UK economy and wages every year and unlocking growth in every corner of the country, from advanced manufacturing in the North-East to whisky distilleries in Scotland,” said Trade Secretary Reynolds.

PM Modi’s Tweet

Prime Minister Modi tweeted “Delighted to speak with my friend PM Keir Starmer. In a historic milestone, India and the UK have successfully concluded an ambitious and mutually beneficial Free Trade Agreement, along with a Double Contribution Convention. These landmark agreements will further deepen our Comprehensive Strategic Partnership, and catalyse trade, investment, growth, job creation, and innovation in both our economies. I look forward to welcoming PM Starmer to India soon.”

Both agreed that the landmark agreements between the two big and open market economies of the world will open new opportunities for businesses, strengthen economic linkages, and deepen people-to-people ties.

The two leaders agreed that expanding economic and commercial ties between India and the UK remain a cornerstone of the increasingly robust and multifaceted partnership. The conclusion of a balanced, equitable and ambitious FTA, covering trade in goods and services, is expected to significantly enhance bilateral trade, generate new avenues for employment, raise living standards, and improve the overall well-being of citizens in both countries. It will also unlock new potential for the two nations to jointly develop products and services for global markets. This agreement cements the strong foundations of the India-UK Comprehensive Strategic Partnership, and paves the way for a new era of collaboration and prosperity.

The talks between the two nations have been going on since January 2022 and the signing gains importance in the backdrop of the tariff war initiated by the US President Donald Trump. Between 2022 and now, Britain has seen four different Prime Ministers, including the previous PM Rishi Sunak, involved in the negotiations.

Sudden and steep reduction, impacts Indian alcobev sector: Deepak Roy

However, the Confederation of Indian Alcoholic Beverage Companies (CIABC) while welcoming the cut in tariffs said it should have been gradual.

The Chairman of CIABC, Deepak Roy said the reduction from 150 to 75% is ‘sudden and steep’ which should have been gradual as the Indian alcobev sector is going through difficult times, besides operating in a highly regulated market.

“The Indian single malts, the gins and others are doing well, but we needed another couple of more years to make them really competitive in the global market.”

He said CIABC is hoping that non-tariff barriers are addressed in the FTA. “We had proposed a minimum import price of 50 to 75$ per case to ensure that there is no dumping of cheap and unknown products.”

Roy added that it was time for some of the State Governments to withdraw the excise duty concessions given to multinational corporations. “There should not be any difference and there should be a level playing field.”

While stating “We are not against any tariff reduction. The Indian industry is ready to compete with the global best and they are holding their own. Only thing, we do not want unknown cheap brands coming and killing the industry here which is providing substantial revenues to the State governments.”

CIABC hopes ‘Minimum Import Price’, inter-alia, is factored in

The Director General of the Confederation of Indian Alcoholic Beverage Companies (CIABC), Anant S.Iyer said, “Though FTA details are still awaited, from what information we have gathered it seems that the Government has not fully heeded to the pleas of the Indian alcoholic beverage industry.

“We have always been asking for a level-playing field for the Indian players. We only hope that the government has included in the FTA the minimum import price (MIP) which will prevent dumping / under invoicing and also the removal of non-tariff barriers to ensure better international market access to Indian alcoholic beverages.

“We fear that if the same template of duty reduction is followed for the trade deals with the EU, the US and other nations which produce spirits and wines, then the Indian Alcobev industry, including the wine sector, could get adversely impacted.”

CIABC has urged the Government of India, as pointed out earlier also to various states such as Maharashtra, Kerala, Odisha, Rajasthan, Madhya Pradesh etc., to review the excise concessions given to imported liquor, both spirits and wines. “The governments should make them equal to that of IMFL / Indian wines. This discrimination should end immediately.”

He added, “The government is looking to touch $1 billion exports from the Indian Alcobev industry by 2030. However, without ensuring proper market access especially to the Western nations, it will be difficult to meet the export target. While the other sectors might be benefitting from the FTA, the Indian Alcobev industry seeks similar benefit. Though Indian whiskies, rum and gins have been winning accolades globally, without removal of non-tariff barriers and granting of market access it will be difficult for the Indian Alcobev sector to meet the export target.”

Radico Khaitan says ‘Win-win’, sees cost-benefit in its imports

The Chief Operating Officer of Radico Khaitan, Amar Sinha while welcoming the FTA has congratulated the Prime Minister, Narendra Modi and the Minister of Commerce, Piyush Goyal for concluding the ‘landmark’ pact. “It was long overdue.”

“India is transforming and we as a country are producing world class spirits and constantly upgrading our quality. To produce this quality of spirit, obviously we need to import spirits for blending which India does so far as vatted malt scotch is concerned from Scotland.”

Radico as a company are the largest importers of vatted malt scotch. This fiscal year 2025-26, Radico plans to import scotch worth ₹250 crores. With this FTA, Radico is going to get substantial benefit on the cost front which will make the company healthier and more profitable. So, we personally think as a company that it’s a great agreement and it will offer great opportunities for Indian companies to continue their premiumisation drive and keep reducing their cost.”

Indian Single Malts should not dilute the premium image

Sinha added “As far as Indian single malts (ISM) are concerned Radico produces ISM which are today acknowledged as one among the top 10 spirits of the world. Rampur ISM is one among top whiskies from India. We have priced our product pretty high and we believe in pricing our product much higher than what competition does. So, we are not weary of the fact what the competition does to its price. We feel that competition if it reduces price, they will be diluting the image of their premium brand, therefore we don’t think they will reduce price. It would be an opportune moment for foreign companies to make some money through this tax reduction.”

It is a very welcome move and a win-win situation for the UK as well as India, he said and added that the demand of India to look into non-tariff barriers is genuine. “We are waiting for the fine print of the FTA, before that it is difficult to comment.”

Three-year maturation period contentious issue: Vinod Giri

The Director General of Brewers Association of India, Vinod Giri who has championed the cause of the spirits industry earlier, said, “We are yet to see what India gets in return and how the non-tariff issues are handled – especially the condition of three-year maturation to qualify as whisky and measures to prevent predatory pricing.

“In terms of impact Scotch makers are expected to improve their margins first by adjusting duty savings in invoice prices and if that happens, market dynamics will remain unchanged in short terms. Companies importing raw material for blending with domestic whiskeys in India will make some savings on cost.

“The most important long-term impact will be on BII (bottled in India) category. As duties start falling, the rationale for that segment will go away.”

About 30% reduction in retail price, avers Ajay Srivastava

Ajay Srivastava, the Founder of Global Trade Research Initiative and who was earlier part of negotiations with Australia said, “it’s a good decision and trade would increase between the two countries across sectors.”

While stating that as details of the FTA were still not available it would ‘difficult to hazard a guess’ on what the minimum import price would be, Srivastava said but added that “it will only be on the higher side, unlike wine which is around 4 dollars. Scotch always sells at a premium.”

Srivastava said the question that needs to be asked is how much would be the retail price be following the duty reduction. Giving a hypothetical scenario, he said if a bottle of Scotch whisky is 100$ and the duty at 150% and average State government duties is 60%, the consumer will be buying at $400. Now with the tariff halved from 150 to 75%, the consumer will pay 275$ which is almost 30% reduction. It is a good deal and people are anyways willing to pay for Scotch.”

On whether the Indian spirits market would be impacted, Srivastava asked “Is any Indian company producing Scotch. Nobody is in the bulk business. The Indian single malt is a niche market and does not compete with Scotch. Yes, Indians love Scotch.” However, he added that the Indian alcohol sector has to further develop and this would help in doing so.

He said the FTA would open the flood gates to Europe seeking reduction in tariff on wines, maybe up to 50%.

ISWAI believes premiumisation will get further boost

The CEO of International Spirits and Wines Association (ISWAI), Sanjit Padhi said, “We anticipate that this will accelerate the ongoing trend of premiumisation within the alcobev sector, positively impacting the exchequer revenues of Indian states. Cheaper prices may also result in premiumisation. India’s increasingly aspirational and discerning consumers will now have access to premium international brands at more accessible prices.”

Pegs on enhanced consumer experience

The Adviser (Tax and Regulatory Affairs) of ISWAI, I.P.Suresh Menon said, “ISWAI and its members welcome the UK-India Free Trade Agreement as a landmark development for the AlcoBev sector. The reduction in tariffs offers significant strategic benefits for both countries. India’s increasingly aspirational and discerning consumers will now have access to premium international brands at more accessible prices. This enhanced choice will elevate the consumer experience and boost growth across related sectors such as tourism and hospitality.

“We anticipate that this will accelerate the ongoing trend of premiumisation within the AlcoBev sector, positively impacting the exchequer revenues of Indian states. We see this agreement as a win-win for all stakeholders in the spirits sector whilst fuelling trade, attracting investment, and fostering the exchange of best practices. It reflects the shared commitment of India and the UK to deepening economic ties and advancing fair, balanced trade.”

Scotch Whisky Association calls its ‘once in a generation deal’

While the Indian alcobev sector is still hoping for a ‘level playing field’, the distilleries in Scotland are more than happy.

The Chief Executive of the Scotch Whisky Association, Mark Kent calling it a “transformational” deal said, “The UK-India free trade agreement is a once in a generation deal and a landmark moment for Scotch Whisky to the world’s largest whisky market.

“The reduction of the current 150% tariff on Scotch Whisky will be transformational for the industry. The deal has the potential to increase Scotch Whisky exports to India by £1bn over the next five years and create 1200 jobs across the UK. The deal is good for India too, boosting federal and state revenue by over £3bn annually, and giving discerning consumers in a highly educated whisky market far greater choice from SME Scotch Whisky producers who will now have the opportunity to enter the market.

“This agreement shows that the UK government is making significant progress towards achieving its growth mission, and the negotiating teams on both sides deserve huge credit for their dedication. The Scotch Whisky industry looks forward to working with the UK and Indian governments in the months ahead to implement the deal which would be a big boost to two major global economies during turbulent times.”

Chivas Brothers CEO terms it ‘game-changer’

Jean-Etienne Gourgues, Chivas Brothers Chairman and CEO, said the FTA is a “welcome boost for Chivas Brothers during an uncertain global economic environment.”

He said, “India is the world’s biggest whisky market by volume and greater access will be a game changer for the export of our Scotch whisky brands, such as Chivas Regal and Ballantine’s. The deal will support long term investment and jobs in our distilleries and bottling plants in Scotland, as well as help deliver growth in both Scotland and India over the next decade. Slàinte (meaning cheers in Irish) to the UK Ministers and officials who steered the deal though long negotiations.”

Chivas Brothers Ltd. which is part of the Pernod Ricard group of companies, exports over £2bn of Scotch whisky and gin every year, including brands like Chivas Regal, Ballantine’s, The Glenlivet and Beefeater. India is amongst Chivas Brothers’ largest export markets and the biggest consumer of whisky worldwide by volume. The UK-India trade agreement will help solidify and potentially expand on Pernod Ricard’s existing investments, which includes a €200m distillery construction in the Indian state of Maharashtra and £100m in bottling facilities in Dumbarton, Scotland.

Diageo quality and choice will increase across India

Diageo Chief Executive Debra Crew said, “The UK-India Free Trade Agreement is a huge achievement by Prime Ministers Modi and Starmer and Ministers Goyal and Reynolds, and all of us at Diageo toast their success. It will be transformational for Scotch and Scotland, while powering jobs and investment in both India and the UK.

“The deal will also increase quality and choice for discerning consumers across India, the world’s largest and most exciting whisky market. Diageo is a global leader in beverage alcohol with a collection of brands across spirits and beer categories sold in more than 180 countries around the world. These brands include Johnnie Walker, Crown Royal, J&B and Buchanan’s whiskies, Smirnoﬀ, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray and Guinness.”

Diageo is a leading player in India’s beverage alcohol sector and is among the top 10 fast-moving consumer goods companies in India by market capitalisation. Diageo has 35 manufacturing facilities across India, employs over 3,300 people directly in market with a further 100,000 jobs supported throughout its value chain. India is one of Diageo’s largest markets globally and accounts for almost half of its total global spirits volume.

Studio Monkey Shoulder Returns to India

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Global music initiative led by broadcaster, DJ Gilles Peterson
Worldwide FM and Monkey Shoulder will spotlight grassroots music scenes in India through a ₹11 Lakh fund

Studio Monkey Shoulder is once again inviting grassroots music communities from India to apply for a £10,000 grant (₹11 Lakh approx.) which will go towards a music project that will spotlight their scene on a global scale.

Last year, Studio Monkey Shoulder supported DJ Delhi Sultanate to transport the BFR Sound System across the country and host Big Bang Festival – a two-day boutique music and culture festival in the remote jungles of Assam. This year, Studio Monkey Shoulder is back to empower the grassroots music communities who are innovating in their scenes – from independent record stores to DIY music venues, online radio stations, and beyond, the spaces where people connect, create and discover music are critical to a thriving music ecosystem.

Monkey Shoulder brand has joined forces with globally acclaimed partners; online radio station, Worldwide FM, as well as its founder, DJ and broadcaster, Gilles Peterson, to award one India community the fund to bring an original project to life this summer. As well as funding, that community will get to tell their story through a series of films and radio broadcasts produced by Worldwide FM.

“The Studio Monkey Shoulder initiative with Worldwide FM and Monkey Shoulder allowed us to think audaciously and go all out on how we’d like a musical and cultural gathering to be. To be able to bring the sound system of a 5-day journey from Delhi to the tribal village of Nanadisa and hold a massive reggae dance in the jungle where in the end everyone let loose and joined in is stuff dreams are made of,” says last year’s India fund recipients, Delhi Sultanate (BFR Soundsystem).

“I’m thrilled to see Studio Monkey Shoulder grow in its second year in partnership with Worldwide FM. It’s been a privilege to work with the communities we supported in 2024, seeing their projects thrive and come to life. I’m excited to uncover more amazing community-driven projects in India and witness the talent that comes with it as the project evolves in year two,” says Gilles Peterson.

ABD Launches Golden Mist French Brandy

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Allied Blenders and Distillers (ABD), India’s 3rd largest spirits company by volume, has launched Golden Mist French Brandy in Karnataka. With this introduction, ABD marks its entry into the fast-growing prestige brandy segment.

Golden Mist combines French craftsmanship with Indian expertise to deliver a smooth and rich blend. As part of the ABD portfolio, Golden Mist strengthens the company’s non-whisky premium offerings, reinforcing its commitment to diversifying and elevating its overall product range.

The prestige brandy segment in Karnataka is growing at 13.1%, significantly outpacing the overall brandy category’s high single-digit growth. Golden Mist enters the market at a time when consumers are actively seeking authentic, high-quality offerings in the mid-premium range.

Golden Mist is crafted for today’s discerning consumers who seek tradition with sophistication and elevated taste experiences. Aged in French oak casks for a crafted feel, the brandy offers a deep amber colour, a smooth and luxurious texture, and a flavour profile that balances grape notes with hints of liquorice, honey, and subtle spice.

The brand also introduces a distinctive packaging innovation with its 180 ml Hippy pack, making it the only brand in its segment to offer this option alongside traditional glass bottles. The Hippy pack, designed in an elegant gold colour, recognises the deep connect with southern culture and enhances Golden Mist’s position as a standout offering in the prestige brandy segment.

Alok Gupta, Managing Director of Allied Blenders and Distillers, said, “Golden Mist represents everything the evolving Indian consumer is asking for; heritage, authenticity, and a superior taste experience, all delivered at an attractive price. We’ve drawn from traditional French brandy-making methods while crafting a product that resonates with Indian palates. This launch is in line with the organisational aim of bolstering our presence in the Prestige and Above segment.”

Golden Mist is available across Karnataka in four different pack sizes. The 750 ml bottle is priced at ₹970, the 375 ml at ₹485, the 180 ml at ₹235 (available in both a glass bottle and the unique Hippy pack), and the 90 ml at ₹120.

INDSPIRIT 2025 – CELEBRATING THE GROWTH OF ALCOBEV INDUSTRY

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• Panel discussion on FTA seeks reduction in tariffs

• Company of The Year is Allied Blenders & Distillers

• Corporate Leader of the Year is Nilesh Patel of Global Beverages Group

• Business leader of the Year is Davide Aiudi of Guala Closures India

• Lifetime Achievement Award goes to Satpal Chaudhry who has held key positions in Mohan Meakins, United Breweries, Shaw Wallace, Empee Distilleries, Him Neel Breweries, and Khoday India.

With India’s alcobev sector showing exceptional growth, SAP Media Worldwide, the publishers of Ambrosia magazine among other publications, reached yet another milestone. On March 21 and 22, it hosted the 20th edition of INDSPIRIT 2025 at Le Meridien, Gurugram. The two-decade journey of INDSPIRIT is a highpoint, reflecting the challenges and opportunities the sector has been navigating all through. And when industry peers met to network, exchange ideas and to chill, it was truly a celebration.

INDSPIRIT is an amalgamation of conference, exhibition, networking and AMBROSIA Awards, organised by Ambrosia. This year the panel discussion was on ‘Free Trade Agreements: Gateway or Roadblock for Indian Alcobev Industry’. The 20th edition also featured a consumer-day, to connect the industry with the end-consumer to taste the many different brands. INDSPIRIT 2025 was powered by Platinum Partner SNJ Group and supporting partners Diageo India and Pernod Ricard.

This year INDSPIRIT had an open consumer day on March 22 wherein consumers got to taste a variety of spirits. Lifting the spirits were DJ Veronika and DJ Zorin, followed by sumptuous buffet. It was day 1 of IPL 2025 cricket and SAP Media ensured that there was live coverage, adding to the zing.

Eminent Jury

The AMBROSIA awards were adjudged by an eminent panel of jury members and they included Stephen Beal (London) – Founding Sr. Consultant, Master of Whisky International Drinks Specialists; Bernhard Schafer (Germany) – A Whisky Expert, Spirit Consulting and A Master of Quaich; Ajoy Shaw – DipWSET Wine Maker & Consultant; Binod Maitin – Independent Technical Consultant; Julie Lee (Taiwan) – Industry Expert and Entrepreneur; and Katsuhiko Tanaka (Japan) – Director, Japan Import System Co.

The jury members for the Packaging category of awards were Prof. K Munshi – Industrial Design Centre, IIT Powai; Shekhar Amberkar – Asst. Director, Indian Institute of Packaging & Head of International Packaging Centre and Jigna Shah Oza – Communication Designer | Design Educator.

Panellists seek rationalisation of tariffs

The panel discussion was moderated by Bhavya Desai, Group Head and CEO of SAP Media Worldwide and the panellists were Suresh Menon, Secretary General of International Spirits and Wines Association of India (ISWAI); Ajay Srivastava, Founder, Global Trade Research Initiative; and Rajnish Singh of Dhvaen Law Practice and consultant on FTA to the Government.

The panellists were in consensus that tariffs on alcobev products are extremely high. Ajay Srivastava said that Donald Trump, the US President was right when he mentioned that India charged 150% tariff on alcohol-based products, followed by passenger cars, while agriculture products it ranged between 30 and 40% and industrial products between 7 and 12%. Trump, he added, was disrupting the world economy with a tariff war.

Suresh Menon said the FTA negotiations were ongoing with the UK and the position of ISWAI members has been that there should be a reduction in tariff on spirits in whatever form they were imported – either bulk or bottled. There was unwanted fear that there would be dumping by cheap Scotch whisky and that would disrupt the domestic market, he said and added that with the trend of premiumisation, this was unlikely to happen. Rajnish Singh advocated a threshold level of tariffs as to bar cheaper products from entering into the country, thus in a way protecting the domestic industry which has been investing substantially in the sector. He referred to the Economic Cooperation and Trade Agreement with Australia which has a threshold level to ensure that cheap wines are not dumped in the Indian market.

The panellists also referred to the Scotch Whisky Association which since 1915, stated that to be called Scotch Whisky, the spirit has to be aged no less than 3 years, malt or grain – replacing the old early 1900s limit of 2 years. The panellists opined that as the rule on 3 year maturation is not going to change and that Indian whisky manufacturers who wanted to export had to keep this in mind, even though the whiskies in India matured faster due to the hot climate.

India third largest alcobev market

Bhavya Desai talked about how India is the third largest alcobev market and was valued at over 52 billion dollars in 2024 and expected to touch 64 billion dollars by 2028, growing at a CAGR of 6.8%.

The panel discussion was followed by the much-awaited AMBROSIA Awards. In his opening address before the awards, the Managing Director and Publisher of SAP Media Worldwide, Trilok Desai said, “Despite operating in a highly regulated environment, the industry is witnessing remarkable growth. But with this growth comes a sense of uncertainty. Domestic players are increasingly concerned about the impact of reduced tariffs on Bourbon and the potential phased reduction on Scotch. The worry isn’t limited to premium Scotch—it extends to more affordable Bourbons and Tennessee whiskies, which could directly challenge mid-range IMFL brands.”

Global alcobev giants dominate

Desai added, “Currently, the Indian alcobev market stands at around 410 million cases, growing at a modest rate of 5%. The beer market is slightly larger at approximately 425 million cases, with a healthy growth rate of 8% to 10%, while the country liquor market is around 250 million cases. The world’s top nine alcobev companies operating in India hold a market share of over 52% by value and 43% by volume of the total Indian alcobev market.

Global alcobev giants operating in India bring deep experience from multiple international markets, significantly contributing to the industry’s growth. However, we shouldn’t overlook our own strengths. Indian companies are producing exceptional IMFL products, world-class single malts, and premium gins, along with competitive, high-quality beers that stand toe-to-toe with international brands. That’s something Indians should be incredibly proud of.”

Success of Indian single malts

Referring to the success of Indian single malts on the global map, Desai mentioned how they are inspiring even multinational companies to invest in producing premium spirits within India. “Many are now not only crafting outstanding single malts here, but also looking to export them globally — a true testament to the growing stature of Indian spirits.”

Talking about the AMBROSIA Awards, Desai said, “They are not just about recognition—they’re a celebration of the hard work, creativity, and dedication that have driven the industry forward over the past year.

Tonight, we honour excellence—from outstanding products and innovative packaging to groundbreaking marketing strategies. Over the past 30 years, Ambrosia has witnessed the transformation of the alcobev industry. What was once a market dominated by a few players has become a vibrant and competitive landscape, with Indian and multinational companies alike driving innovation and quality.”

He said that the AMBROSIA Awards have stood for excellence for three decades, thanks to a rigorous and unbiased judging process. “Each year, we assemble an international jury whose expertise ensures that only the very best are recognised. Their insights have highlighted significant improvements in product quality across various categories. Beyond the products, the jury has also acknowledged the remarkable advancements in packaging and design. From labels and bottle shapes to overall presentation, Indian brands are not just meeting global standards—they are often exceeding them.”

Ambrosia launches ASEAN Edition

Desai talked about Ambrosia magazine which has completed 33 years of successful publishing and in 2024 the ASEAN Edition of Ambrosia was launched. The ASEAN edition, launched from Singapore is being circulated across nine ASEAN countries—making Ambrosia the world’s largest combined circulated alcobev magazine. But we’re not stopping there. We’re also exploring the possibility of hosting an international exhibition and awards in Singapore—a significant milestone for the brand.

After Desai’s speech, the AMBROSIA Awards were presented by Air Marshal (Retd) Anil Chopra, a highly decorated officer of the Indian Air Force.

Quick recap of the Ambrosia Awards 2025

More than moderation: the long-term rise of no and low

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The no/low-alcohol market has enjoyed robust growth in the past few years, cementing its place as an area of significant opportunity for beverage alcohol, and one of increasing sophistication as well.

Moderation trends and demographic shifts have driven the long-term growth of no/low-alcohol around the world, but as the category matures and product quality improves, consumer trends in the space are becoming more nuanced and complex.

Another year of double-digit volume growth for no/low in the top 10 global markets (Australia, Brazil, Canada, France, Germany, Japan, South Africa, Spain, UK and US) during 2024 (+13%) capped a period of strong gains for the category: across those markets, 61m people were recruited into no-alcohol between 2022 and 2024, and 38m into low-alcohol, according to IWSR’s No- and Low-Alcohol Strategic Study.

This strong upward trajectory is expected to continue. While total beverage alcohol (TBA) volumes are expected to grow at a compound annual growth rate (CAGR) of 1% to 2028, no-alcohol is expected to gain share of TBA, driven largely by the well-established no-alcohol beer segment, but boosted by additional gains for RTDs, wine and spirits. The forecasted volume CAGR for no-alcohol beverages between 2024 and 2028 is +7%.

**Susie Goldspink**, Senior Insights Manager – RTDs and No/Low Alcohol

“The no/low-alcohol market has been experiencing significant growth for several years now, driven by moderation trends and younger demographics,” explains Susie Goldspink, Senior Insights Manager – RTDs and No/Low Alcohol. “It is not all about moderation, however, as no/low becomes more established and categories outside beer gain participation.

“Other drivers besides health and moderation are now increasingly important, particularly in those emerging no-alcohol categories. Factors such as taste, availability and brand are becoming key drivers of choice, especially among younger LDA consumers.”

Participation rates

The increased participation in no/low over the past few years has been spearheaded by the US and Brazil: the US added 37m new no-alcohol consumers between 2022 and 2024, and 36m new low-alcohol drinkers, according to IWSR data. Meanwhile, 13m people were recruited into no-alcohol in Brazil over the same timescale.

This increased participation comes against a backdrop of long-term declines in overall alcohol consumption. Since 2000, consumption in litres of pure alcohol has fallen faster than TBA volumes, reflecting a consumer switch to lower-ABV products such as RTDs and no/low.

This trend is also reflected by the performances of many of the top 10 markets. There is a clear contrast between the recent strong gains of no- and low-alcohol versus the softer performance of full-strength products in a number of key destinations, including the UK, US, Japan, Brazil, Canada, Australia and Canada. For instance, the US recorded a -1% CAGR decline in full-strength volumes between 2019 and 2024, according to IWSR data, while no-alcohol (CAGR +28%) and low-alcohol (+7%) grew strongly over the same timescale.

No/low buyers are also increasingly substituting full-strength beverages with no-alcohol drinks, according to IWSR consumer research. In 2024, when no/low consumers in the top 10 markets were asked what they would previously have drunk on the same occasion, 30% said full-strength products – materially higher than in 2022.

Meanwhile, when it comes to no/low categories, the picture has become more nuanced over the past few years: participation in no/low beer in 2024 was unchanged versus 2022, reflecting the more established nature of this segment, whereas other categories have seen increased participation from younger LDA consumers in particular.

“Boomers and Gen X have been in the category for a longer time and have established habits,” says Goldspink. “They are the main buyers of no-alcohol beer, as it was one of the first no/low options to be widely available.

“On the other hand, younger age groups, who are newer to the category and just entering legal drinking age (LDA), are discovering their preferences without established habits and are attracted across various categories. Millennials in particular, with more time in the category and higher disposable incomes, have the widest repertoires.”

Frequency drivers

As consumers become increasingly familiar with the no/low landscape, factors beyond health and moderation are becoming more and more significant in driving consumption frequency.

While trying to be healthier and reducing alcohol intake remain the most significant motivations, according to IWSR consumer research, taste, availability, brand and category awareness have all gained in importance since 2022.

“Frequent drinkers are driven by better-tasting options, highlighting how critical taste is for no/low growth,” says Susie Goldspink. “Better availability has been key for buyers in the US, where newer categories such as alcohol adjacents have a higher incidence than other categories.”

Purchase drivers

Brand familiarity is becoming an increasingly decisive factor in driving no/low purchases, when availability is not an issue. According to IWSR consumer research conducted in 2024, 52% of no/low buyers chose to drink a product because it was a brand they already knew, up from 48% in 2022, while 32% cited taste preference, up from 28%.

Consumer perceptions are shifting too: some 54% of no/low buyers described no/low products as brands they cared about in 2024, up from 50% in 2022, and 53% described no/low brands as exciting, up from 48%.

“Frequent drinkers and younger buyers, who are more engaged with the no/low category, are more likely to be driven by brand and sensory characteristics,” says Susie Goldspink. “Up to 57% of Millennials are driven by brands they are familiar with, compared to only 45% of Boomers, who are less engaged and claim more occasional consumption of the category.

“Meanwhile, the improvement in consumer brand perceptions is driven by Gen Z and Millennials, who are more engaged with the category: 62% of Millennials and 57% of Gen Z have brands they care about, explaining the higher rate of brand loyalty compared to other age groups.”

What’s next? The future of no/low

No-alcohol is set to continue to drive future growth for no/low, with forecast gains across all categories, including beer/cider (predicted CAGR growth of +7% between 2024 and 2028), RTDs (+10%), wine (+5%), spirits (+7%) and alcohol adjacents (+3%). Forecast trends for low-alcohol are softer, with the exception of RTDs, where low-alcohol products are predicted to grow at a CAGR of +17% over the same timescale.

While volume growth for no-alcohol is envisaged across all top 10 markets, there are strong regional contrasts, with Brazil, Canada, the US and the UK all likely to see higher growth in the near future (CAGRs of between +7% and +18% to 2028). However, growth is predicted to be more gradual in Spain, South Africa and Germany.

Smaller markets such as Canada and Australia offer attractive growth prospects, but the largest-scale opportunities sit in Brazil and the US – although the two markets have strongly contrasting characters.

“While Brazil and the US have a similar demographic distribution of no-alcohol drinkers, with similar frequency and intensity of consumption, the sources of expected future growth are diverse,” explains Susie Goldspink. “The US has high participation rates across a broader array of no-alcohol categories; their development will continue, particularly among younger consumers, who have a wider repertoire of no-alcohol drinks.”

By contrast, growth in Brazil will come almost exclusively from no-alcohol beer, thanks to the category’s dominant market position, the presence of large international players and high recruitment levels.

ZigZag Vodka – Scoring with premium craft beers and vodkas

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Ishwaraj Singh Bhatia, Co-Founder and COO, Simba Beer and ZigZag Vodka, with a family background in the alcobev industry has opted for premium craft beers, various variants of ZigZag vodka to breakthrough in the Indian market.

What made you opt for the alcobev industry?

My family’s legacy in the alcohol distribution business spans three generations, providing me with a deep-rooted understanding of the industry from an early age. Growing up, I was immersed in the nuances of beverage production and the cultural significance of alcoholic beverages. While studying in England, I witnessed a thriving craft beer movement and recognised a gap in the Indian market for authentic, homegrown craft beers. This realisation, combined with a strong entrepreneurial drive, led us to establish Simba Beer in 2016, with the vision of bringing a premium craft beer experience to Indian consumers.

Why craft beer and not normal beer, considering scaling up craft beer in terms of volume is a long journey?

Craft beer represents more than just a beverage; it embodies artistry, innovation, and a commitment to quality. Unlike mass-produced beers, craft beers allow for experimentation with flavours, ingredients, and brewing techniques, catering to consumers seeking unique and diverse taste experiences. We recognised that the Indian consumer was evolving, with a growing appetite for premium and varied beer options. While scaling craft beer presents challenges due to its artisanal nature, we believe that focussing on quality over quantity would resonate with discerning consumers. This approach has fostered a loyal customer base and positioned Simba as a distinguished brand in the market.

What kind of volumes are you looking at to achieve economies of scale?

Achieving economies of scale is essential for operational efficiency and sustainability. While specific volume targets are proprietary, we have strategically invested in expanding our brewing capacities. For instance, we established our flagship brewery in Durg, Chhattisgarh, which has enabled us to meet increasing demand while maintaining stringent quality standards. Our focus remains on scaling thoughtfully to ensure that growth does not compromise the artisanal essence of our products.

Is Simba Beer connected with Simba Chips?

No, Simba Beer is not connected with Simba Chips. The similarity in names is purely coincidental, and there is no affiliation between the two brands.

What kind of promotions do you plan to do for Simba?

Our promotional strategy for Simba is rooted in fostering a strong community and creating immersive brand experiences. While trade promotions vary by state, our primary marketing focus is on engaging consumers through experiential events and digital storytelling. For example, Simba Uproar 2025 in Delhi celebrated underground culture, providing a platform for grassroots talent in India’s hip-hop and street culture scenes. These initiatives not only enhance brand visibility, but also deepen our connection with our audience. Additionally, we leverage digital platforms to share compelling content, collaborate with influencers, and drive meaningful engagement.

Tell us more about ZigZag Vodka?

ZigZag Vodka is our foray into the vodka market, reflecting our commitment to quality and innovation.

Launched recently, ZigZag offers a meticulously crafted vodka experience, available in four variants: Original, Lime, Orange, and Green Apple, catering to diverse consumer preferences. Our vodka undergoes a rigorous filtration process using carbon, silver, platinum, and gold, ensuring a clean and crisp taste. The brand name ‘ZigZag’ symbolises the dynamic lifestyle of modern consumers who seamlessly navigate between their professional responsibilities and personal passions. This product embodies our dedication to crafting beverages that align with contemporary tastes and lifestyles.

Which states is the brand available in, and what are your plans to expand pan-India?

Currently, ZigZag Vodka is available in Delhi, Bangalore, Goa and Chhattisgarh. We have strategically chosen these markets to establish a strong initial presence. Our expansion plan involves entering additional states in a phased manner, considering factors such as market demand, regulatory environments, and distribution logistics. Our goal is to achieve a pan-India presence, making ZigZag accessible to consumers nationwide while ensuring that each market is adequately supported to maintain our standards of quality and consumer engagement.

What is the price range you plan to operate in?

ZigZag Vodka is crafted with a focus on quality and the use of superior ingredients, delivering a smooth and enjoyable experience. While pricing varies across different states due to taxation and local regulations, we aim to offer ZigZag at a price point that balances excellence with accessibility, ensuring consumers receive exceptional value. Our pricing strategy is designed to be competitive within the vodka market, appealing to those who seek both quality and affordability. Available in three sizes—750 ml, 375 ml, and 180 ml—ZigZag Vodka is priced between ₹390–₹1195 for the Original variant (750 ml).

Are you looking at launching flavoured vodkas in the near future?

Yes, recognising the evolving consumer preferences, we have introduced flavoured variants such as Lime, Orange, and Green Apple alongside our Original vodka. We continue to explore new flavours to cater to diverse tastes. Our approach involves extensive research and development to identify flavour profiles that resonate with our target audience, ensuring that each new variant upholds our commitment to quality and innovation.

What about Vodka RTDs?

The Ready-to-Drink (RTD) segment is an exciting space that aligns with evolving consumer preferences for convenience and on-the-go experiences. While ZigZag Vodka is currently focussed on establishing itself in the market with its core offerings, we recognise the growing demand for high-quality RTD options. As we continue to expand, we are exploring innovative ways to bring the ZigZag experience to consumers in more accessible and dynamic formats.