Tag Archives: corporate news

Allied Blenders & Distillers Appoints Jayant Bhalchandra Manmadkar as CFO

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.

Competition Commission Clears Tilaknagar Industries’ Acquisition of Pernod Ricard’s Imperial Blue

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The Competition Commission of India (CCI) has given the green signal to home-grown alcoholic beverage maker Tilaknagar Industries’ Limited (TIL) proposal to acquire the Imperial Blue whisky business from the Indian arm of French liquor giant Pernod Ricard for Rs 4,150 crore.

In July this year, TIL had announced that it was set to acquire the Imperial Blue whisky business from Pernod Ricard at an enterprise value of 412.6 million Euros (around Rs 4,150 crore).

CCI in a post on X said “Commission approves the acquisition of the business of production, bottling, marketing, and sale of alcoholic and other beverages under the ‘Imperial Brands’ from Pernod Ricard India Pvt Ltd by Tilaknagar Industries Ltd.”

The acquisition will make TIL, which owns brands such as Mansion House Brandy, Courrier Napoleon Brandy, Mansion House Gold Whisky and Blue Lagoon Gin, a leading player in the fast-growing whisky market.

TIL and Pernod Ricard India had entered into a definitive agreement for the transaction related to the sale of the Imperial Blue business division (IB). The consideration includes a deferred payment of 28 million euros (Rs 282 crore as of date) to be paid four years after the date of the closure of the transaction, said a joint statement.

Imperial Blue is the third-largest whisky brand in India by volume. It has reported a revenue of Rs 3,067 crore for the year ended March 2025.

India is the second-largest market for Pernod Ricard. With a consolidated sales revenue of Rs 26,773.22 crore in FY24, Pernod Ricard India is the largest spirit maker in India. TIL had reported a revenue of Rs 1,405 crore and EBITDA of Rs 226 crore for the year ended March 2025. In the September quarter, it had become net debt-free after successfully restructuring its debt.

Moët Hennessy India Appoints Siddharth Suri as Managing Director

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Moët Hennessy India has appointed Siddharth Suri as its Managing Director for India. The appointment comes at time when Moët Hennessy India is looking at its journey to accelerates its growth ambitions and strengthens its leadership in the country’s rapidly evolving luxury wines and spirits market.

In his new role, Siddharth will be in-charge of the company’s portfolio in India, which includes Dom Pérignon, Moët & Chandon, Veuve Clicquot, Hennessy, Glenmorangie, Belvedere, Chandon and Volcan. He will be responsible for shaping the company’s long-term growth strategy, driving consumer-centric innovation, and deepening the cultural resonance of Moët Hennessy’s brands with India’s new generation of luxury consumers, whilst building on the company’s legacy of excellence and innovation. Siddharth has worked with Moët Hennessy India earlier as the Sales Director for India and South Asia (Domestic and Travel Retail).

Speaking on the new leadership appointment Anne Claire Delamarre, President, Asia Pacific, shared, “India is a market of immense potential, with a new generation of consumers embracing luxury, craftsmanship, and global experiences in unique ways. We are deeply committed to continuously expanding our presence here, and Siddharth’s appointment reflects that ambition. His strong leadership, proven track record, and deep understanding of both Moët Hennessy and the Indian consumer landscape make him ideally placed to lead our next phase of growth in this exciting market.”

Speaking on his appointment, Siddharth Suri said, “It is an honour to return to Moët Hennessy India at such an exciting inflection point. India is one of the most dynamic luxury markets in the world today, and I look forward to leading the transformation of the company into its next chapter of growth. By building stronger consumer engagement, customer connections, fostering innovation, and driving sustainable business practices, we will continue to set new benchmarks for Moët Hennessy in India.”

With over 24 years of extensive experience in the FMCG and Wines & Spirits industries, Siddharth brings proven expertise in business transformation, market development, and scaling high-performing teams across domestic, travel retail, and international markets. He has held senior leadership roles at PepsiCo, Pernod Ricard, Moët Hennessy, Diageo, and most recently The Coca-Cola Company (HCCB), where he pioneered the Ready-to-Drink (RTD) alcoholic beverages category in India, shaping an entirely new consumer segment.

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.

Debra Crew Quits as Diageo CEO

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Nik Jhangiani, CFO is interim CEO
Guidance for fiscal 25 and 26 remains unchanged

Diageo on 16th July 2025, announced that Debra Crew has stepped down as Chief Executive Officer and as a Board Director with immediate effect, by mutual agreement. Until a permanent appointment is made, Nik Jhangiani, Chief Financial Officer, will assume the role of Chief Executive Officer on an interim basis.

Diageo said that the Board had begun a comprehensive formal search process, which will include consideration of internal and external candidates.

Debra Crew has led Diageo as Chief Executive Officer since June 2023, having joined Diageo as a non-executive director in 2019, then serving as President of Diageo North America and subsequently as Group Chief Operating Officer.

Guidance for fiscal 25 and 26 remains unchanged from what was shared on 19^th May 2025 in the Q3 Trading Statement, and Diageo will report its fiscal 2025 full year results on 5^th August as planned.

John Manzoni, Chair, Diageo plc, said, “On behalf of Diageo and the board, I would like to thank Debra for her contributions to Diageo, including steering the company through the challenging aftermath of the global pandemic and the ensuing geopolitical and macroeconomic volatility. On behalf of all Diageo colleagues, I wish her every success in the future. The Board’s focus is on securing the best candidate to lead Diageo and take the company forward. We strongly believe Diageo is well placed to deliver long-term, sustainable value creation.”

Diageo, a global leader in beverage alcohol, saw a huge decline in the company shares since Crew took over, according to a report in a financial daily in the UK. Her career as CEO began with slump in sales in Latin America and during her tenure Crew was not able to convince investors that the decline in sales was not due to operational reasons, but due to a cyclical downturn. Diageo now states that its guidance for fiscal 2025 and 2026 remains unchanged.

Carlsberg India profits up by 60%

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Carlsberg India has reported a jump of 60.5% in its profits at ₹323.1 crore in FY’24, according to RoC filing by the company. Carlsberg India total revenue was up 15.2% at ₹8,044.9 crore for the financial year ended March 31, 2024.

The company said, “During the financial year 2023-24, profit amounting to ₹323 crore under the standalone financial statement has been carried forward to ‘Reserve and Surplus’ including other comprehensive income in the balance sheet.”

Carlsberg India Pvt Ltd had reported a total profit of ₹201.3 crore a year before in FY’23, and its revenue from operations was at ₹6,937 crore on a standalone basis. Its “Excise duty expense” in FY’24 was at ₹4,877.8 crore, up 13.4%. This was at ₹4,301.6 crore a year before in FY’23.

“Cash and bank balances increased from ₹9,304 million to ₹11,165 million with strong business performance, better trade working capital and lower capital investment,” it said. Advertising promotional expenses of Carlsberg India were at ₹96.5 crore in FY’24 and total expenses stood at ₹7,628.3 crore, up 13.4%.

The market share however declined to 13.3%, from 14.9% in the fiscal year 2023-24, but Carlsberg India continues to hold the number three position in the Indian beer market. Carlsberg India is the subsidiary of Singapore-based South Asian Breweries Pte Ltd, owned by Danish brewing major Carlsberg.

ABD acquires Fullarton Brands

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Allied Blenders and Distillers Limited (ABD), India’s 3rd largest spirits company, completed the strategic acquisition of all the brands and other Intellectual Property Rights from Fullarton Distilleries Private Limited. This acquisition further augments ABD’s foothold in the super-premium spirits segment and highlights its ongoing commitment with leadership in innovation within the Indian craft spirits industry.

The acquisition includes the distinguished portfolio featuring brands such as Woodburns Contemporary Indian Whisky, Pumori Small Batch Gin, and Segredo Aldeia Rum. By bringing these award-winning craft spirits into its fold, ABD is strategically positioning itself to meet the evolving demands of India’s super-premium and luxury spirits consumers.

Woodburns currently operates in six states and union territories, with expansion plans underway for other major markets. Pumori and Segredo Aldeia have established a strong on-trade presence in key markets such as Maharashtra and Goa. The acquisition of these recognised brands, combined with ABD’s operational scale, create a synergistic opportunity for growth and market dominance within the super-premium spirits category.

Alok Gupta, Managing Director of ABD, said, “At ABD, our growth has always been strategic, and the acquisition of Woodburns Contemporary Indian Whisky, Pumori Small Batch Gin, and Segredo Aldeia Rum perfectly embodies this. We recognise that the luxury segment is where we have a right to win, where we can truly add value. Acquiring these brands is a natural next step in our premiumisation strategy. This isn’t just an acquisition; it demonstrates our deep understanding of where we can create the most value. This is the future of ABD, and we’re executing this vision with precision.”

Rajiv Thadani, Founder and Managing Director of Fullarton Distilleries Private Limited, said, “Building Fullarton Distilleries since 2013 has been a journey of passion, dedication, and a commitment to crafting world-class spirits. We’re proud to see these brands move forward with ABD, a company that has the scale, expertise, and vision to take them even further. With their leadership, we are confident that the legacy we’ve built will continue to grow and thrive in the years ahead.”

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.