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Sir Dave Lewis appointed Diageo plc CEO

Diageo plc has appointed Sir Dave Lewis to the role of Chief Executive Officer and Executive Director, effective on 1 January 2026.

Nik Jhangiani will continue as Interim CEO until the end of December 2025 and then resume his CFO role thereafter. Deirdre Mahlan, having returned to Diageo as Interim CFO, will continue to support Diageo through the transition.

Dave is a proven CEO with extensive marketing and brand building experience. He has an outstanding track record leading global consumer businesses, growing world-class brands, and providing operational and financial rigour. Dave served as Group CEO of Tesco plc from 2014 to 2020, where he transformed the business and, prior to this, spent nearly three decades at Unilever, latterly in Executive Committee roles, leading on both marketing and business performance. Additionally, Dave has been the Chair of Haleon, a global leader in consumer healthcare, since its creation in 2022 and is a non-executive board director of PepsiCo Inc. Dave will be stepping down from the Haleon role on 31 December 2025.

Sir John Manzoni, Diageo’s Chair, who led the succession process on behalf of the board, said, “We are delighted to welcome Dave as Diageo’s new CEO. Having conducted an extensive and thorough global search, the Board unanimously felt that Dave has both the extensive CEO experience, and the proven leadership skills in building and marketing world-leading brands, that is right for Diageo at this time.”

Manzoni continued, “We are confident that Dave will work with the team to take Diageo into its next successful chapter in the evolving consumer environment. The Board wishes to recognise and thank Nik Jhangiani for his excellent leadership as Interim CEO and for continuing to drive forward Diageo’s sharpened strategy.”

Sir Dave Lewis, Chief Executive Officer, said, “Diageo is a world leading business with a portfolio of very strong brands, and I am delighted to be joining the team. The market faces some headwinds but there are also significant opportunities. I look forward to working with the team to face these challenges and realise some of the opportunities in a way which creates shareholder value.”

Dave is also a Trustee for The Royal Foundation and the Chair of the World Wildlife Fund in the UK. In recognition of his contribution to business and the food industry in the United Kingdom, Dave was knighted by Her Majesty Queen Elizabeth II in the 2021 New Year’s Honours List.

Bira91 to sell assets to pay employees’ salary overdues

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Bira 91 which is battling a deepening financial crisis is now forced it to sell its assets to pay its employees. With production halted in key markets and liquidity crunch, Bira91 is on the brink of collapse, marking one of the most dramatic downturns in the Indian beverage industry in recent years.

Its parent, B9 Beverages Ltd, confirmed that it plans to sell one of its assets to raise immediate cash to clear pending salaries, provident fund dues and restart operations, a move that underscores how serious the cash flow problem has become. The decision comes after months of worsening financial strain, production has reportedly been stalled since July 2025 in several regions, hundreds of employees have not been paid, and more than 250 staff members have petitioned the board and shareholders demanding leadership change and accountability for unpaid dues and operational paralysis.

According to filings and reports, the company posted a net loss of ₹748 crore on revenue of ₹638 crore for FY24, reflecting falling sales volumes and mounting costs as the brand’s once-booming business model began to unravel under regulatory bottlenecks and overextension. It is reported that lenders have already taken control of The Beer Café chain after defaults on pledged shares, raising fears that more assets could be at risk if the situation persists.

Reports suggest that the founder and CEO, Ankur Jain has reached out to investors to raise bridge capital even as he negotiates an asset sale to meet immediate payroll obligations. Production shutdowns have also disrupted supply chains and trade relationships, leaving distributors, vendors and partners uncertain about its future. The coming weeks will be critical, whether it can close the asset sale, restart production and convince its stakeholders that it remains a viable player in India’s premium beer market, remains to be seen.

Allied Blenders & Distillers Appoints Jayant Bhalchandra Manmadkar as CFO

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

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

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

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

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

Madhvani Group’s INSCO Completes Acquisition of Hindustan National Glass

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

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

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

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

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

Revival Strategy

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

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

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

Landmark IBC Case

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

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

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

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

Molson Coors Beverage names Rahul Goyal as President and Chief Executive Officer

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Molson Coors Beverage Company announced the appointment of Rahul Goyal, Chief Strategy Officer, to succeed Gavin Hattersley as President and CEO of the company. Rahul will assume the role and become a member of Molson Coors’ Board of Directors effective October 1, 2025. Gavin will remain in an advisory role until the end of 2025 to help ensure a smooth transition.

During his 24-year career at Molson Coors, Rahul has driven many of the company’s most successful recent ventures, serving in executive roles across information technology, finance and strategy. He started in Golden, Colorado at Coors Brewing Company and has held several global leadership roles such as chief information officer for Molson Coors in the UK and chief financial officer for Molson Coors in India.

Most recently as chief strategy officer, Rahul has focused on expanding the company’s portfolio in meaningful ways to reach more consumers during more occasions. Further, Rahul has driven the company’s beyond beer ambition by building successful partnerships with The Coca-Cola Company and Fever-Tree and leading the acquisitions of ZOA and Naked Life. Rahul also managed the commercial operations of Coors Distributing Company and played a key role in the management of The Yuengling Company, Molson Coors’ joint venture with D.G. Yuengling and Son.

“Rahul has delivered meaningful growth in new spaces for the company thanks to his ability to build partnerships that align with the company’s strategic priorities,” said Board Vice-Chair Geoff Molson. “On top of that, he leads with authenticity and integrity and has built deep trust both inside and outside of Molson Coors, while igniting passion around our transformation journey,” said Board Chair David Coors.

“I am honoured to take on the CEO role and lead this company towards its next chapter of growth,” said Goyal. I’m ready to take on both the opportunities and the challenges ahead of us knowing that we have the brands, the people and the passion to deliver on our ambitions, he added.

The Board of Directors expressed deepest appreciation to Gavin for having accelerated the business growth.

GIFT City Earns nearly 1 cr from liquor sales

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The Gujarat government has earned ₹94.19 lakh in revenue from the sale of liquor to employees working at Gandhinagar-based Gujarat International Finance Tec-City (GIFT City) where alcohol consumption has been permitted since December 30, 2023.

The Chief Minister Bhupendra Patel, who also holds the Prohibition and Excise portfolio, told the Gujarat Assembly in a written reply to a question by Congress MLA Amit Chavda that as of January 31, 2025 people have consumed 3,324 bulk litre spirit, 470 bulk litre wine, and 19,915 bulk litre beer at the fintech hub. Gujarat is a “dry” state where manufacture, sale, and consumption of liquor are prohibited, but the government made an exemption for GIFT City in 2023.

Suntory Holdings establishes Suntory India

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Names Masashi Matsumura as Managing Director

Suntory Holdings has announced the establishment of Suntory India Private Limited, which aims to cover corporate functions required to build a firm business foundation and accelerate growth in its existing spirits business and establish opportunities for soft drinks as well as health and wellness businesses in the Indian market. The new company will commence its operations in July.

“We are delighted to unveil a new base of Suntory Holdings in India, a country with a large population and a rapidly growing economy,” said Tak Niinami, President & CEO of Suntory Holdings. “India is a remarkably attractive market and a key geopolitical player on the global stage, with strong cultural and economic ties with Africa, the Middle East, and Asia. Together with our spirits business, Suntory Global Spirits, we will enhance our presence as a multifaceted beverage company in this vital market by supporting our soft drinks and health & wellness businesses to build foundations in India through investments and partnerships.”

Suntory India will be headed by Managing Director, Masashi Matsumura with its office located in DLF Cyber City, Phase II, Gurgaon, Haryana.

The Group offers a diverse portfolio of products, from award-winning Japanese whiskies Yamazaki and Hibiki, iconic American whiskies Jim Beam and Maker’s Mark, canned ready-to-drink -196, The Premium Malt’s beer, Japanese wine Tomi, and the world-famous Château Lagrange. Its brand collection also includes non-alcoholic favourites Orangina, Lucozade, Oasis, BOSS coffee, Suntory Tennensui water, TEA+ OolongTea, and V energy drink, as well as popular health and wellness product Sesamin EX. Founded as a family-owned business in 1899 in Osaka, Japan, Suntory Group has grown its operations throughout the Americas, Europe, Africa, Asia and Oceania, with an annual revenue (excluding excise taxes) of $20.9 billion in 2023. It has a strength of 41,511 employees across the world.