Author Archives: Janhavi Panani

Not Out: RTD to Hit Pan-India Market Soon

In a country where cricket is religion, Not Out, a ready-to-drink (RTD) alcoholic beverage is soon going to hit the Indian market, after its inroads in Delhi, Haryana and Uttar Pradesh. Launched by Bored Beverages, Not Out is a 15% ABV beverage with tasting notes of citrus and tart. It is gluten and glycerin free.

Launched by Bored Beverages, Not Out taps into India’s love for bold flavour, epic moments, and the unmatched thrill of staying always in the game. Founded by Anant and Vinayak, two friends who were tired of safe sips and uninspired options, Not Out was born as a rebellion against the bland. The duo envisioned something stronger, edgier, and unmistakably Indian in its attitude.

“We wanted a drink that tastes like the last over in a tight chase – sharp, exciting, and unforgettable,” says Anant.

In India, cricket is not a game you just watch, it is something you feel, celebrate, and live together. From gullies to stadiums, it is a unifier, a conversation starter, and a shared high. Not Out aims to channel that collective energy. It is for the massive, cricket-loving India that knows the joy of a full toss and the magic of staying in play.

Currently making noise across Delhi, Haryana, and Uttar Pradesh, Not Out is gaining cult status among young adults who want more than just a buzz. With expansion plans in the works, this is just the start of a nationwide innings, the company said in a release.

‘It’s cool working with Ranveer – He is dynamic, hatke and full of creative ideas’

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With a career spanning over three decades in the industry, Bikram Basu has been in different roles with different companies. An industry veteran who is now at the helm of affairs at ABD Maestro – ABD’s new subsidiary in collaboration with Bollywood actor Ranveer Singh. Ambrosia speak to Bikram Basu about the new venture, expectations and more. Excerpts:

Congratulations on your new role for ABD Maestro. Excited?

Thank you. My association with Ambrosia and INDSPIRIT has been for a couple of decades, and you’ll have been a part of this journey.

I am looking forward to this responsibility with keen interest as I’ve always enjoyed creating new things and this role gives a canvas beyond strategy and brands. The structure of the new organisation is unique, spanning multiple opportunities. I am sure there will be a few challenges on our way, but we have a mix of experience and fresh talent to navigate and overcome them.

Everyone’s jumping on the premium bandwagon.

How big is this market?

I’d rather take the pricing scope to be Super-Premium and Luxury spirits. That is where ABD Maestro is planning to play. We have considered brands for ABD Maestro that currently have an MRP above ₹2000 per 750ML or 700ML bottle in Maharashtra, irrespective of their consumer prices in other states. We know that the pricing index or ladder is mostly similar across states.

If we consider brands above ₹2000 and make it flavour agnostic, the segment was estimated at 4.8 million cases – prior to the pandemic in FY19/20. Post the pandemic, this grew to an estimated 7.2 million cases in FY21/22. And we feel this will close at early double digit million cases in FY24/25 – with early teens percentage growth. The Super Premium and Luxury segments by volume are estimated in mid-single digit salience of the industry, but the value salience and margins are significant. These are trends on why the industry has taken a view to participate better.

From appearing in ads, celebrities are now part of companies/brands, what kind of value do they bring?

Celebrities globally are icons of positive opinion and change. They have a following, some fanatical. These people have achieved superstar status through hard work and consistent success. Brands irrespective of industry will gravitate to using celebrities to build positioning, break clutter and push forward.

Ownership with celebrities of brands or equity in organisations globally have trended for the past many years. This has come to India a decade back with celebrities having equity in start-ups and bringing their success and following to the ventures. It’s a relatively newer thing in the Indian alcohol beverage industry.

Why do you think celebs are

finding this market lucrative to invest in?

Major Indian actors may be investing in alcohol beverage brands as they see the market premiumise and early-stage participation should give the first mover advantage. They are likely to also relate to super-premium and luxury brands better than mass market brands as owners or partners, as its part of their social and consumption set.

What’s Ranveer Singh role in ABD Maestro?

Ranveer Singh is a creative and business partner, with equity in ABD Maestro. He is not a brand ambassador or a celebrity endorser. Ranveer is fully involved in the creative ideation process and gives time and thought. It’s really cool working with him as he is dynamic, hatke and full of creative ideas – and he understands business.

Which brands will come under ABD Maestro and tell us the plans for each of these brands?

The brands which will be with ABD Maestro now are Arthaus Blended Malt Scotch Whisky, Zoya Special Batch Gin, the Fullarton acquired brands of Woodburns Indian Malt Whisky, Pumori Small Batch Gin and Segredo Aldeia Café and White Rums. The BIO portfolio has Russian Standard Vodka- Platinum, Gold and Original.

Therefore, at Maestro we will have a Blended Malt Scotch and Indian Malt Whisky, a Special Batch Gin, a Craft Gin, White and Café Rum and a top end global Vodka at three different price points. Too early to call out plans for each of the brands.

So a mix of owned, licensed and distributed brands?

The brands mentioned earlier are either licensed or distributed by Maestro. The organisation will also launch its own brands which will be owned.

You have said that “Maestro will be a consumer first business”, can you substantiate?

Yes, I do strongly believe that finally it’s about the consumer who buys you, and not what you want to sell. More so in F&B, of which alcohol beverage is an increasingly important part.

Anything which we eat and drink needs an approval for a repeat purchase. When a purchase behaviour is involved, having opinions is common. When we put the consumer first, the business of brands works at every level to deliver effectively. Standing out to be the ‘first among equals’ in a strongly regulated industry with limited outlet universe takes understanding of consumers and trends more than just analytics.

Which will be the focus markets within the country and also overseas for ABD Maestro?

The licensed and owned brands will focus on top urban markets in India initially. A few from the portfolio will also go overseas.

Bacardi India, Engine of Growth for Bacardi Global: Vinay Golikeri

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Bacardi Limited, the world’s largest privately held international spirits company with a portfolio comprising over 200 brands and labels. In a conversation with Bhavya Desai on a podcast, Vinay Golikeri, Managing Director of Bacardi India explains why India is a key market for Bacardi and more. Excerpts:

The market opportunities in India, both from a macro-economics and spirits perspective, are huge. Substantiating this Golikeri said, “In the global market place, premium spirits account for 50% of brands, while in India it is 5 to 6%, which means there is ample headroom to premiumise.” In India, between 2020 and 23, premium spirits had a growth of over 40% while globally it was around 7 to 8%.

Adding 20 million LDA every year

As regards Bacardi, Golikeri mentioned that vast majority of products were premium and ‘we have a long runway of growth for premium’ aided by factors such as rising affluence, consumers are drinking better, the demographic dividend (every year India is adding 20 million coming in to the legal drinking age (LDA) bracket), sea change in the retail environment, top notch bars, trading up is happening across price points. “Put all that together, the premium plus segment is really accelerating.” The median LDA in India is 28 whereas in the US and China it is over 40. “The number of affluent households is expected to more than double from 77 million in 2020 to over 177 million by 2030.”

Inflation-linked price mechanism needed

However, he said that two things from the regulators were essential – ease of doing business and consistency in policy, both of which will go a long way in driving growth for the industry and revenues for the government. “Several States have not given price increases for years. There is inflation and cost of raw material has gone up, affecting investment capabilities. The government should introduce inflation-linked price mechanism.”

With the alcobev sector in India being a highly regulated and complex market, Golikeri said, “It is like dealing with 28 countries rolled into one, policies change every year, route to market changes every year.” Taxes and duties are about 65 to 70% of the MRP (maximum retail price) and the rest goes to each level of the chain – wholesale, retail and brand owners. “Our taxes are significantly higher than anywhere in the world. We need inflation-linked pricing mechanism. We need to invest to grow the brand and for that to happen, price becomes critical.”

Best 10 Strategy

Continuing on Bacardi’s plans in India, Golikeri pointed out, “We started out in India in 1997-98 with Bacardi rum, then in early 2000s with Bacardi Breezer, mid 2010 with Bombay Sapphire, Grey Goose and a few years back with Patron. It’s being a great run. Bacardi India is an engine of growth for Bacardi globally.

“We at Bacardi are going along with our Best 10 strategy… that is making the next 10 years the best ones yet. We want to grow our India business six times by 2030. We have been having strong double-digit growth and we are on track. Experiential marketing is key for us. It is going to continue in importance as a growing number of consumers are experience-seeking. It is going to be equally about experience as much as the product.”

Cocktail Culture Evolution in India

“The bar scene in India has changed considerably, not just in metro, but also in Tier 2 cities. There is a lot of experimentation and we are seeing real evolution of the cocktail culture. It is not just Mumbai or Delhi. Recently, I had been to a bar in Guwahati and If I showed you their cocktail menu, you would think it was some bar in London or New York. Our products are positioned at half of the cocktail culture. This is an interesting opportunity for us to leverage the cocktail culture.”

Golikeri cited the sixth annual Bacardi Cocktail Trends Report, which identifies the five key trends poised to reimagine cocktail culture and the spirits industry in 2025. The report, created in collaboration with The Future Laboratory (TFL), draws on data from Bacardi-led and external research, consumer surveys, bartender interviews and TFL insights to reveal the movements that are influencing cocktail experiences, flavour profiles, and culture the coming year.

Quoting Mahesh Madhavan, the Bacardi CEO, Golikeri said the company has embraced the shift from consumption to curation, where consumers are not just seeking drinks, but meaningful experiences enjoyed over a cocktail.

Do What Moves You

Bacardi has launched a marketing push to launch its brand purpose ‘Do What Moves You’, which aims to “shine a spotlight on the brand’s belief in the power of self-expression”. “It has music experience, delicious cocktails, wonderful merchandise, its 360 degrees, bringing all together to a compelling experience. We amplify that digitally where a few experience, but gets seen by many.”

Legacy, Made in India

Talking about ‘Legacy’ whisky, the make-in-India product, Golikeri said its ‘tested, researched and produced in India’. “We have put the consumer in the heart of it. We have had strong results from the consumer to the product. We initially went into three States – Maharashtra, Uttar Pradesh and Telangana and we know we have a winner on hand. We will be rolling out in other states too and Legacy is a response to vocal for local.” The roll out plans include Goa, Pondicherry, Jharkhand, Odisha, Meghalaya, Assam, Tripura, Arunachal Pradesh, Kerala, and Rajasthan. The focus, Golikeri said, is going to be on Legacy, Irish whiskey brand Teeling; tequila brand Patron El Cielo, and vodka brand Grey Goose Altius.

However, he said that Bacardi rum which was introduced in 1997-98 continues to be popular. “For Bacardi Breezer, the main player in the RTD (ready to drink) segment, the market share in India is 90%. Launched in 2002-03, it is a great liquid and has had good activations. We had the winning recipe. We were an early entrant and we have cemented the product.”

Three F’s that Drive Bacardi culture

Asked about his experience so far in India, he said, “I came from Dubai in early 2023 and the first few months, I just travelled across the country, visiting almost all states, meeting with our teams, stakeholders and also consumers. It was an exercise to understand the challenges, the market and to help shape our strategy. I put all this on paper and took it to our board of directors. One of the learnings from the travels has been there is incredible opportunity for Bacardi to grow here.”

The company, he adds, encourages entrepreneurial mindset and helps in taking bold decisions, all coming from Bacardi’s focus on three F’s – Family; Founders and Fearless. “In Bacardi everyone is treated as family. We are all ‘Primos’ (cousins in Spanish), where we care for each other and help in making bold decisions. We are all a passionate team of Primos.”

India, Golikeri adds, contributes hugely not just in terms of business, but also as a global talent hub. Bacardi has so many career programmes and India is a key pillar when it comes to talent sourcing.

What an Expedition it has been…….

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Rakshit Jagdale, the Managing Director of Amrut Distilleries in a podcast conversation with Bhavya Desai talks about how the 75-year-old company has evolved over the years, starting from heritage brands such as Amrut XXX rum and Silver Cup brandy in the 1950s to the Amrut Single Malt and now to a limited edition of the oldest whisky from the sub-continent – The Expedition.

On February 26, 2025, Bengaluru-based Amrut Distilleries reached yet another highpoint in the alcobev sector when it launched The Expedition, the oldest single malt whisky in India, matured for 15 years, and sold for 12,000 USD (₹10.50 lakhs) per bottle. Celebrating its 75th anniversary, Amrut Distilleries released 75 bottles of this rare whisky, 66 of it for the international market and the rest for the Indian market.

Matured for 15 years

The Expedition is matured for 15 years, initially in European Sherry casks for 8 years and then American Bourbon casks for 7 years, developing deep, opulent flavours, complexity and depth. Amrut’s Expedition packaging exudes the grandeur of a royal heirloom. The merging of metal and wood took six months. Each handcrafted box houses an individually engraved and numbered bottle, featuring a diamond-cut design with intricate gold engravings. A regal silver peg measure, crafted by a Bangalore silversmith, has been embedded with a near-field communication (NFC) tag and authentication card.

Globalisation and the Market

Not just The Expedition, the international market for Amrut has been the US, followed by Europe and the APAC region, the last one is fast growing for single malt whiskies. “It has been a very exciting time for us in the industry now. We should see how it will unfold,” Rakshit said and mentioned how the markets opened up in India in 1990-91 with globalisation. “Seagram’s came with advertising blitzkrieg for Royal Stag, something which we had not seen. People started shifting from drinking heavier blended whiskies like MaQintosh or Peter Scot or Royal Challenge into drinking lighter whiskies like Royal Stag. At Amrut, we did not stop distilling, we kept on maturing our malts.”

Lighter Whiskies

It was around 1995-96 that Amrut cut down using heavier malts in MaQintosh from 35% to 10% to 8%. “It was then we thought why not go for single malt whisky, why not explore.” The first batch was matured for four years average and now the company is using a larger percentage of older whiskies. “We don’t have that much of quantity, we run out of supply,” confesses Rakshit.

Denying that the company created a demand to jack up prices and make it luxury, Rakshit said, “We didn’t have enough whisky, even now it is the case, but we do come up with special edition whiskies. Who wouldn’t want to sell more of their product.”

Technologies at play

Talking about how the company has evolved over the years, Rakshit said, “Techniques have evolved and barleys have improved from two row to six row. The yeast varietals have undergone massive change. Distillation technologies have also improved. The world over, the yield per ton of malt spirit has improved significantly now. Earlier, we were probably touching around 350 to 360 alcoholic litres per tonne, we are now hitting close to 400 alcoholic litres per tonne. With Scottish malts it’s even higher going up to 415 to 425 litres per tonne.”

On location advantage, Rakshit said Bangalore at an altitude of 950 metres above sea level has significant advantage with relative humidity remaining high in summer and dropping significantly in winter. “We lose angel’s share in our warehouses at an average of 9% every year. Probably it doesn’t happen anywhere else, may be in Kentucky. We lose more water than alcohol. If you go down anywhere near the coast or if you mature in Scotland, it is the other way around, because in Scotland’s cooler clime, the angel’s share is 2% per year, but they lose more alcohol than water, with the strength dropping. Humidity and altitude play a very significant role for us.”

Ajay Devgn and Cartel Bros Debut ‘The GlenJourneys’

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21-Year-Old Single Malt Scotch
Only 600 bottles released
Limited Cask Series to be launched in India in August

Actor and entrepreneur Ajay Devgn has partnered with luxury spirits house Cartel Bros to launch ‘The GlenJourneys Pioneer Edition’, a premium 21-year-old Highland single malt scotch whisky. This exclusive release marks a significant milestone in India’s luxury spirits’ landscape. The Pioneer Edition boasts a robust 48% ABV, presented in an elegantly crafted oak-finished cask with intricate inlay detailing.

This limited release will be available through select travel retail channels worldwide, catering to discerning connoisseurs and collectors. While travel retail prices for the 21-year-old single malt are forthcoming, The GlenJourneys will also offer three non-age statement expressions: Rum Cask, Bourbon Cask, and Sherry Cask. These variants will be priced between ₹7,500 and ₹9,000. This launch underscores Cartel Bros’ commitment to delivering exceptional luxury spirits experiences, further elevating India’s premium whisky segment.

On April 10, Mumbai witnessed the exclusive launch announcement of The GlenJourneys. The limited Pioneer’s Edition provides an exclusive chance for a select few to own a piece of whisky history before it arrives in India.

India Launch – The Cask Series to Follow

While the flagship 21-year-old single malt debuts globally, Indian whisky lovers can look forward to the brand’s Cask Series, scheduled for release in August 2025. This special collection of cask-aged single malts will highlight the unique finishes and expressions designed specifically for the Indian market. Further details on the cask types, its expressions, tasting notes, and limited edition bottlings are expected to be revealed by the end of August.

“The GlenJourneys is a culmination of passion and artistry, a tribute to the untamed spirit of the Highlands,” said Mokksh Sani, Founder of Living Liquidz, Mansionz, and Co-founder of Cartel Bros. “We’ve poured our hearts into creating a collection that transcends the ordinary, offering a truly exceptional tasting experience.”

From the first sip to the lingering finish, each moment with The GlenJourneys is an expedition of flavour. Driven by the expertise of Cartel Bros, the makers of The Glenwalk Scotch Whisky and the leadership of co-founders Mokksh Sani, Jitin Merani, Rohan Nihalani, Manish Sani, and Chief Business Officer Neeraj Singh. The GlenJourneys, crafted in the Scottish Highlands, is a 21-year-old single malt aged exclusively in hand-selected American oak casks. It opens with velvety vanilla sweetness and ripe fruit, leading into a palate that is silky, layered, and luxuriously mellow. The journey concludes with a long, lingering finish, where subtle whispers of smoke remind you of the untamed wilderness from which it was born.

“Bringing The Glen Journeys 21‑year‑old Highland single malt to life has been a journey of passion and precision,” said Ajay Devgn. “Every detail of the brand reflects our commitment to craftsmanship and excellence. With this collaboration with Cartel Bros, we offer an exceptional whisky to connoisseurs worldwide, starting with the introduction of the 21-year-old single malt whisky in travel retail channels across the world.”

Cartel Bros is force to reckon with in the world of fine spirits, pushing boundaries, redefining luxury, and elevating whisky culture. With the success of The Glenwalk, they have established themselves and have activated operations in over 50 cities across 12 Indian states, with a growing presence in the Middle East, Australia, New Zealand and Canada, with rapid expansion plans in other international regions soon.

The MBA Thesis That Catapulted Indian Single Malt to the Global Stage

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The success story of Indian Single Malt (ISM) whisky in the global market place, pioneered by Bengaluru-based Amrut Distilleries, has been well documented. It is not only an interesting story, but also an inspiring one on how the Jagdales – father-son duo – the late Neelakanta Rao Jagdale and Rakshit Jagdale – hit upon the idea of making a breakthrough in the whisky landscape, dominated by Scotland.

Rakshit Jagdale, in a podcast ‘Expert Talk with Bhavya Desai’ recalls his student days at Newcastle University doing an intense one-year MBA programme. “It was a Sunday morning and I was strolling along Northumberland street, a busy shopping center in New Castle upon Tyne, when my father called up and asked what I was planning to do for my thesis. I said a theoretical project on supply chain management. He said ‘no, no… you should do a practical project’ and suggested ‘why don’t you check whether there is scope to sell Indian single malt whisky in Indian restaurants within Great Britain’ stating that Kingfisher and Cobra beers were quite popular in Indian restaurants there. My father asked me to check out whether there was demand for Indian single malt as an aperitif or a digestive. I said it’s a brilliant idea.”

Miniatures that captured the imagination

Neelakanta Rao Jagdale then sat down with the excise officials in Karnataka and had two cases of miniatures of single malt whisky sent over to New Castle. “It was in June when exams were going on. I went over to the Customs bond and duty paid and cleared one case. The packaging was very rudimentary with a black and white label with simple words ‘Amrut’. We knew our product was exceptionally good. The colour of the whisky was good, dark enough and natural. We don’t add any caramel, it is 100% natural. My father had sent 300 miniatures of 60 ml each in two boxes. It was a live project for the company. I did a lot of my survey in New Castle, Edinburgh in Scotland and in the Midlands. I visited several Indian restaurants and bars in Scotland and the response was amazing. Everybody liked it. Some said it’s a 10-year old whisky, some said its Irish, when I said it was Indian, it was a jaw dropping moment.”

On returning to India, Rakshit presented the project to the family board. “It took us two years to conform to the packaging standards of the European Union and on August 24, 2004, we launched Amrut in Café India in Glasgow. That is how the journey of Indian Single Malt whisky began.”

Making the Grade in Whisky Bible

Not to sit on these laurels, they set off on taking it to the world, creating Amrut Fusion which was next level to the Classic Indian Amrut. “Fusion is a completely different product. It is a combination of peated barley and unpeated barley, the former coming from Scotland and the unpeated from India. It is an 80:20 ratio. My father felt that as the Indian palate is accustomed to little bit of peat with Johnnie Walker Red Label and Black Label, they would like the combination. That was running in his mind.”

Explaining the process, Rakshit mentioned, “Fusion is matured for a longer period, five to five and a half years. The base malt, both peated and unpeated, is matured for four years and then we marry them and mature it again for nine months to one year, which gives it not only depth, but also complexity of flavours. When Jim Murray first savoured it in 2009 and found it unique and said there was no other product in the world that had this kind of combination. He loved Amrut and gave 97 of 100 in his Whisky Bible in 2010 and ranked it as the third finest whisky in the world.”

From humble beginnings in 1948 as a simple bottling company, Amrut is a name to reckon with. It moved on early into distillation and premiumisation and that has paid dividends. “We have reasonably come a long way. We have grown organically and we are happy with progress we have made.”

This is the third generation of the Jagdale family which is running the business, started by Radhakrishna Rao Jagdale in 1948. The fourth generation is getting ready and Rakshit mentions that ‘the time is right to discus with his son and niece to find out if they have any interest, prima facie, in carrying forward the rich legacy of my grandfather and father.”

Amrut Distilleries, Expanding Capacity and Eyeing Partnership in the Long Term

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In a podcast conversation with Bhavya Desai, Rakshit Jagdale, Managing Director of Amrut Distilleries, has spoken at length about the company’s expansion plans and the journey of how a practical project during his MBA days in the UK led to the first-ever launch of an Indian Single Malt whisky, charting a path which many others have followed subsequently, making India proud of its strides in the alcobev sector.

engaluru-based Amrut Distilleries, the firm that put Indian Single Malt whisky on the global map, is in an expansion mode. Beginning April 2025, Amrut Distilleries is adding 35% more to its distillation capacity, taking it from 900,000 litres to about 1.4 million litres, according to its Managing Director, Rakshit Jagdale. It was only in 2018, the company had trebled its distillation capacity.

`1,000 crores net sales target

Amrut Distilleries’ current business in volume terms is over 6.3 million cases per annum with turnover at ₹540 crores net sales, gross sales being ₹1,750 crores. “The projections are to touch ₹1,000 crores net sales in about 10 years’ time, growing at 10 to 15%. We are quite confident, we will sustain. For us bottom line is important. We can chase turnover with economy, but we want to have strong EBITDA. There is scope for luxury and premium segment to grow further and strengthen the bottom line.”

Dilution of stake

Asked whether the closely-held family concern would be diluting its stake, Jagdale said, “There has been a lot of interest in our group over the past six to seven years. We have had discussions at the family board level, but we have not taken that call yet. We cannot shy away for too long. We are looking at a partner who will add value to the brand and also give global market accessibility, if at all we go that way.” IPO (initial public offering) is another route which the company is looking at it from a long- term perspective. “We are not there as yet. I personally feel, it will be a couple of years more, before we take that call.”

Meanwhile, Amrut Distilleries is also exploring avenues to set up a new distillery to cater to the bulk market. “We are seriously looking at the bulk side, impending the Free Trade Agreement (FTA) with the United Kingdom.”

FTA and its impact

On whether there would be a downward revision in the prices of premium whisky in India, post FTA, Jagdale said, “It is certainly round the corner and it will post a fair bit of challenges. Brands like Glenfiddich, coming down from their current levels, will affect. We don’t know what is going to be their strategy, but they will put pressure on us to come down by ₹500 to ₹1,000 from what we are selling at currently. The bottomline will get compromised but we should stay put.” The shelves will have Indian single malts and BIO (bottled in origin) Scotch and consumer preferences around that point of time has to be factored in. “We have to wait and see.”

Weary of unhealthy competition

Stating that the Indian market offered massive opportunities, Jagdale mentioned, “Everybody wants to be in India now. They want to jump on Indian single malt bandwagon. They are serious and we are serious too on what we are doing.” Diageo has launched Godawan Indian single malt whisky, Pernod Ricard is setting up a single malt distillery and there are a host of Indian distillers, about five to seven of them, who will hit the market in the next two to three years. There is Ian Macleod coming. “Competition is most welcome and it keeps you on your toes, improves processes quickly and rapidly. Just hope that it doesn’t go the path of unhealthy competition.”

Amrut’s market focus

Giving details of its market bifurcation, Jagdale stated, “This year, of our total business is 95% domestic and 5% export market. Within the luxury division, we are 35% export and the rest domestic. “In the premium range, we have MaQintosh Premium whisky, Silver Edition whisky, Two Indies Rum, and Nilgiris Dry gin. The mass market category includes Amrut XXX rum, Prestige whisky, Silver Cup brandy. From a volume point of view, we would be 70% economy and from topline point of view 25% would be luxury and 10% would semi-premium and premium categories.”

Pain Points,
Excise Tops the List

Talking about excise duties, Jagdale said, “We are a highly regulated industry. Time has come to deregulate it. We are still following laws enacted by the British, while we have technology. There is a massive trust deficit between the government and the alcobev industry, hoping that the perception the governments have about the industry changes. Hopefully, it will have happen in my lifetime, would like to see that happen.” Agreeing that presently the governments are willing to listen to the industry and amend rules, he said, “there is hope.”

South Heavily Taxed

Jagdale stated that the southern states are highly taxed. “If you look at Punjab, Haryana and other northern states, the taxes are not as high as here. For instance, if the MRP (maximum retail price) is ₹100, the manufacturer gets roughly about ₹11, the retailer gets ₹9, the rest goes to the government. Agreed that the government has its own compulsions of running welfare programmes and other schemes, we appreciate that, but there has to be a balance going forward.” The governments, unlike earlier days are now open to dialogue which can only get positive, he hoped.

Is alcobev profitable business?

Quizzed about whether the alcobev sector is a profitable business, considering that it highly regulated, Jagdale’s advice is “Get into the premium and luxury segment. It is not worth to be in the mass market. You may achieve volumes in a couple of years, but you are not going to make any money. It takes minimum of four years, one should have the patience and the ability to invest for that long a time.”

His guestimate is that a 1000 litre per day plant will require a minimum capex investment of ₹25 crores and there would be working capital. “There is no guarantee that it will succeed in four years’ time. One should have the patience.” The route budding entrepreneurs could take is getting in gin manufacturing or matured rum category or vodka at the premium end. “Then you can pick up white, brown and dark spirits.”

The consumer of today

Emphasising the need to go premium, Jagdale explained that the present day consumer is highly discerning. “Globally we see a lot of youngsters have taken up to single malt whisky in a very big way, especially in the US, India, Europe. One thing we have observed with the advent of internet, is that the knowledge levels of the consumer has gone up significantly. Youngsters know more about whisky and other spirits much more. This keeps us on our toes. The consumer profile has changed. The younger generation is willing to spend more, drink better, drink less as they are health conscious too.”

Kerala’s New Liquor Policy, Open to More Distilleries, Breweries

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The Kerala government has announced that it would allow for the establishment of distilleries, breweries and spirit manufacturing units as to check import of liquor from other states. The new policy has several concessions for production and distribution of liquor, in the state’s bid to increase revenues from excise.

Under the new policy, now liquor sale can happen in industrial parks. In 2022-23, the Kerala government had allowed liquor permits in IT parks. Another concession it has granted is to give a special one-day permit on dry days. Hotels with three stars or more, along with heritage and classic resorts, now can apply for a one-day permit to serve liquor on the first day of the month for business meetings, international conferences, and other gatherings. No permission is granted on other dry days.

As per media reports, the government had granted permission to set up a liquor manufacturing centre in Elappully, Palakkad and a controversy had erupted. Now the government is planning to be lot more liberal in allowing breweries and distilleries across the state. The new liquor policy builds on the previous year’s guidelines of allowing the establishment of distilleries and units for manufacturing extra neutral alcohol (spirits).

Kerala in 2023-24 had generated a revenue of ₹31,618.12 crore from alcohol and sale of lottery tickets, accounting for one-fourth of the total revenue of the state. Revenue from alcohol sales amounted to ₹19,088.86 crore, making it the larger of the two main sources. Income from lottery sales was recorded at ₹12,529.26 crore. These figures combined account for approximately 25.4% of state’s total income.

From Bar Counter to Global Stage

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Great drinks aren’t made by accident. They take skill, patience, and someone who knows exactly what they’re doing. Akhilesh Sheoran is one of those people. Whether it’s crafting a cocktail that wins championships or introducing whisky lovers to some of the finest spirits, he knows his way around a bar… and a bottle.

His journey started behind the counter, shaking and stirring his way through some of the toughest global competitions. Now, as Brand Ambassador – Craft Spirits at Diageo India, he’s the face behind some of the most talked-about labels, including Godawan Single Malt, crowned the Best Single Malt in the World (2024), and United’s Epitome Reserve.

In this chat, he spills stories from his career, shares tips on spotting a great bottle, and even talks about disastrous food pairings. Whether you’re a whisky enthusiast or someone who just wants to sound smarter at the bar, there’s plenty to take away from this conversation.

From mixology to brand ambassadorship, your journey has been remarkable. What inspired you to enter the world of craft spirits, and how has your path evolved over the years?

Working with different styles of spirits and engaging with consumers, I realised there’s so much that goes into bringing these incredible spirits to the bar. This curiosity led me to explore the other side of the industry as a Brand Ambassador, a dynamic and challenging role that allows me to bridge the gap between brands and consumers.

Which of your victories holds the most significance for you and why?

All competitions hold their own importance, as any win comes with new insights and a responsibility to push the boundaries further. However, Diageo World Class India stands out as one of the most demanding and rewarding experiences. Its rigorous structure truly tests creativity, technical skill, and adaptability, making it an unforgettable milestone.

The alco-bev space is constantly evolving. What are some of the biggest changes you’ve seen in the industry over the last decade, especially in India?

India’s drinking culture is evolving, driven by a younger, growing middle class that’s showing a stronger preference for premium homegrown brands. More people are exploring craft spirits and beers, and embracing new flavours and experiences. This move highlights a greater appreciation for quality, creativity, and the narratives behind bottles, shaping a more sophisticated and adventurous approach to what we drink.

What makes a spirit truly “craft,” and how do you see India’s role in this global movement?

Craft spirits are defined by their small-batch production, emphasis on high-quality ingredients, and hands-on distillation techniques that prioritise authenticity over mass production. Craft producers often experiment with distinctive botanicals, innovative ageing techniques, and transparent but unique production methods. More than just a process, craft spirits are about the people, leaders who challenge conventional rules. India’s role in the global craft movement is growing rapidly, with a surge in homegrown distilleries that merge heritage with modern innovation.

With whisky gaining a younger audience in India, how do you see the preferences of Indian consumers evolving when it comes to single malts and premium spirits?

Over the past decade, Indian consumers, especially younger consumers have developed a refined taste for single malts and premium spirits. This shift is driven by rising affluence, global exposure, and a desire for more authentic, high-quality drinking experiences. What’s even more exciting is the growing appreciation for domestically produced single malts, which are now competing on the world stage, reflecting a sense of national pride and recognition of India’s craftsmanship.

What’s the best way to appreciate and savour a good single malt?

The best way is to explore different styles from various regions and find what suits your palate. However, the right technique makes all the difference.

Use a Glencairn or tulip-shaped glass to concentrate aromas.

Observe the whisky’s colour.

Nose the whisky gently, keeping your mouth slightly open to catch nuanced aromas like vanilla, spice, fruit, or smoke.

Take a small sip and let it coat your tongue, identifying layers of flavour; sweetness, spice, peat.

The finish, or how long the flavours linger, tells you a lot about its depth and complexity.

Adding a few drops of water can open up hidden notes, making the whisky more approachable.

Ultimately, whisky should be enjoyed slowly, in a relaxed setting, where each sip reveals something new.

There’s a growing curiosity about how to identify a high-quality whisky. What are the key characteristics one should look for while selecting a bottle?

For me, specifics matter; from the packaging to the liquid inside.

But key factors to consider include: cask type and ageing process (although older doesn’t always mean better), alcohol by volume (ABV), and distillery and production methods. Look for anything that talks about tasting notes and flavour profile, brand philosophy and heritage behind the whisky. A well-crafted whisky tells a story before you even take the first sip.

Trump The Economic Disruptor

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• Impacts Alcobev Sector

• Economic Uncertainty Prevails

The second term of Donald J. Trump as the United States President which began early this year has disrupted the world economic order. Trump’s sweeping tariffs on imports from almost all countries, including the US’s allies, has led to an international trade war, the ramifications of which are being felt in the stock markets, in trade disruption and creating economic uncertainty globally.

However, on April 9, under severe pressure from the bloodbath in the global stock markets and world leaders criticizing his move, Trump has paused for 90-days most of his exorbitant tariff hikes to 57 countries but with a baseline tariff of 10% while going aggressive on China by imposing an astounding 125% tariff.

India termed ‘Tariff-King’

As regards India, which is one of the US’s biggest trading partners in Asia, Trump has imposed a ‘discounted’ reciprocal tariff of 26%, while calling India the ‘tariff king’. Trump has claimed that the reciprocal tariff is aimed at countering unfair trade practices. The 26% tariff came into effect from April 9. Though he claimed that the Prime Minister, Narendra Modi is a great friend of his, Trump said India was charging 52%, while the US was charging almost nothing.

India subsequently slashed duty on bourbon whiskey from 150% to 100%, making the Indian liquor manufacturers take up the issue. The Director General of the Confederation of Indian Alcoholic Beverage Companies (CIABC), Anant S. Iyer said the Indian alcoholic beverage industry is already at a disadvantage compared to manufacturers from developed countries due to high capital and operational costs, evaporation losses, and restrictive licensing regimes. He said, “The government needs to safeguard the interests of Indian liquor manufacturers when deciding on issues related to customs duty cuts and other concessions under FTAs.” The CIABC wanted the state governments to withdraw all excise concessions given to imported liquor, arguing that the customs duty cuts announced would harm Indian products in both the spirits and wine categories.

Bilateral Trade

The bilateral trade between India and the US was pretty balanced at 10.73% till the Trump disruption. America accounted for about 18% of India’s total goods exports, 6.22% in imports with about 30 sectors (6 in agriculture, 24 in industry) exporting to the US. As regards alcohol, wine and spirits, the tariff hike at 122.10% has come into effect. As per the data from the Export Import Data Bank (EIDB) of the Ministry of Commerce & Industry, in FY24, India imported spirits worth $23.09 million against exports of only $8.03 million with companies such as Radico Khaitan, Amrut Distilleries, Piccadilly Industries, being the prominent ones.

The concern among Indian companies is that lower import duties might push the prices of premium liquor down, thus making Indian premium liquor face stiffer competition. However, at a panel discussion organised by Ambrosia during INDSPIRIT 2025, the Secretary General of the International Spirits and Wines Association of India (ISWAI), Suresh Menon clearly stated that there was need to rationalise the tax structure, while agreeing that the Indian import duties on spirits was exceptionally high.

Scotch Whisky Association ‘disappointed’

Globally, the tariff war is impacting almost all sectors, including the alcobev sector. The Scotch Whisky Association expressed disappointment with Trump’s tariff moves. With Trump announcing import duties, including a 10% levy on all UK goods and a steeper 20% rate for imports from the European Union, taking effect on April 5, the alcobev sector was going to be adversely impacted. “The move, one of the most aggressive protectionist measures in recent years, has sparked concern across multiple sectors, including scotch whisky producers. A spokesperson for the Scotch Whisky Association said,”The industry is disappointed that Scotch Whisky could be impacted by these tariffs. We welcome the intensive efforts by the UK government to reach a deal with the US administration, and we continue to support this measured and pragmatic approach towards a mutually beneficial resolution.”

Wine sector concerned

It is not just the Scotch whisky producers who are worried, even the bourbon industry from the US is. The bourbon industry which is the backbone of Kentucky economy fears that it may get caught in the crossfire of the trade war, if other countries impose tariffs on American whiskey. There has been a lot of noise on how in the short-term Scotch whisky and European wines may become that much costlier. France’s Bourgogne Wine Board (BIVB) has said that the levies have “pushed our wines past a psychological price threshold”. French wines are subject to 20% tariffs under the new tariff rates.

The IWSR, in its analysis, has said that the new import tariffs will have serious consequences for beverage alcohol in the US, but the exact picture is complex, nuanced and subject to a host of uncertainties.

The IWSR said that with tariffs introduced on imports from Canada and Mexico and potential EU tariffs in discussion, a number of single origin beverage alcohol categories are most at risk – products with a legally protected designation of origin, meaning that they cannot be “re-shored” and produced in the US. These include agave spirits, Canadian whisky, Irish whiskey, Cognac, Champagne and Prosecco. Mexican beer imports would also be affected. The UK is trying to negotiate a separate trade deal with the US to head off tariffs to cover categories such as Scotch whisky.

“The second Trump Administration’s policies on tariffs will almost certainly be net negative for total beverage alcohol (TBA) in the US market, with global implications likely to be more limited, but there is major uncertainty about the extent of the impact,” says Marten Lodewijks, President IWSR US.