Debasree Dasgupta to take charge as CMO & Head of Global Business Development of Pernod Ricard India on November 1
Kartik Mohindra took charge as Managing Director of WG&S, India on October 1. He was formerly the Chief Marketing Officer & Head of Global Business Development at Pernod Ricard India. Sachin Mehta, the current MD, will be taking up an international role within the WG&S business, as Managing Director, Canada.
Kartik Mohindra’s position in Pernod Ricard India is being taken by Debasree Dasgupta, effective November 1. Currently Global Vice President for Absolut, Dasgupta took on the position in 2023 and has since overseen the brand’s international strategy. Her career spans senior marketing roles at PepsiCo, Reckitt, and Unilever, giving her a diverse portfolio across categories and geographies.
Premium spirits company William Grant & Sons is signalling a focused push to strengthen its presence in one of the world’s most promising alcoholic beverage markets. Kartik joined the business with over 26 years of experience as a senior leader in marketing and sales, primarily in the alcohol, beverage and FMCG sectors.
In his former role, he played a role in transforming business performance at Pernod Ricard, leading brand strategy and expanding into new global markets. He has also overseen brand-led innovation across various categories, from whiskies and wines to brand extensions.
“These appointments reflect WG&S’ continued investment in key growth markets and a commitment to strengthening our global leadership team. We are excited to welcome Kartik to our team in India – a strategically important market for us. Driven by his expertise, we’re confident that we will further build on the great progress Sachin and the team have made in India in recent years,” said Doug Bagley, Chief Commercial Officer, WG&S.
The company’s portfolio includes brands of Scotch whisky, like Grant’s Blended Scotch, Glenfiddich, The Balvenie range of handcrafted single malts and other spirits brands such as Monkey Shoulder, Hendrick’s Gin and Tullamore DEW Irish Whiskey. William Grant & Sons operates in India through its 100% subsidiary William Grant & Sons (India).
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.
Allied Blenders & Distillers Ltd (ABD) has commissioned a polyethylene terephthalate (PET) bottle manufacturing facility at its integrated complex in Rangapur in Telangana. With an annual capacity of over 600 million bottles, the new plant is equipped with robotics, automation, recycling, and energy-saving technologies—part of the company’s backward integration strategy to boost self-reliance and cut costs.
The inauguration was led by founder Kishore Rajaram Chhabria, alongside managing director Alok Gupta and executive director Arun Barik. “This facility will significantly strengthen our supply chain while improving profitability through savings in logistics and packaging costs,” said Gupta.
The Rangapur complex is among ABD’s flagship assets, housing a 65-million-litre extra neutral alcohol (ENA) distillery, an Indian Made Foreign Liquor (IMFL) bottling unit, and now, the PET facility. Regulatory approval was recently granted to increase grain spirit production to 615 lakh bulk litres per year.
In addition, the site is witnessing fresh investment with the setup of a single malt whisky plant at an outlay of ₹75 crore. The facility, expected to commence production by the end of this fiscal year, will mark ABD’s entry into the premium single malt segment. Once distilled, the whisky will mature for at least three years before hitting the market—meaning ABD’s first single malt is expected post-2029.
Betting on Premiumisation and Global Demand
Alok Gupta highlighted that single malt whisky is one of the fastest-growing categories globally, and Indian brands are gaining traction with international accolades. “This will be a fascinating opportunity for ABD as Indian single malts have captured the imagination of global consumers.”
The company already exports to 27 countries and plans to expand its footprint to 35 markets. Exports currently contribute 8% of ABD’s topline.
ABD has also recently introduced five luxury brands since January 2024, diversifying beyond its mass-market Officer’s Choice whisky and Zoya premium gin. Historically known for its sub-₹1,000 price segment, ABD is now positioning itself to compete head-on with international premium players.
Capex-Driven Growth Story
ABD is in the midst of a ₹527 crore capital expenditure programme aimed at operational efficiency, premiumisation, and capacity expansion. About 25% of this investment was completed in FY24, with 60% earmarked for FY25 and the remainder in FY26. The spend will also support the company’s plan to expand total distillation capacity from 71 million litres per annum (mlpa) to 121 mlpa by FY27.
According to Gupta, these investments are expected to lift EBITDA margins from 7.5% to 17% and improve return on capital from 18% to above 20% by FY28. ABD has guided for 14–15% annualised growth in net sales over the next three fiscals, projecting its topline to double in just over five years.
Beyond expansion, ABD continues to embed sustainability in operations. The Rangapur site incorporates water recycling, biomass fuel handling, and energy-efficient automation across production. These measures not only reduce environmental impact, but also improve cost structures, complementing the company’s growth-driven investments.
Listed on Indian stock exchanges in July 2024, ABD reported revenues of ₹3,541 crore in FY25. With backward integration through packaging, aggressive capex in distillation, and a strategic push into single malt, the company is betting on premiumisation and global growth to shape its next decade.
“Consumers are upgrading, regulations are becoming more supportive, and Indian spirits are getting their due recognition globally,” Gupta said. “We see this as the perfect time for ABD to expand beyond our traditional base and build a strong premium portfolio for India and the world.”
The Glenwalk, co-founded by Sanjay Dutt, has reported strong sales. The company sold over one million bottles in India between April and August 2025. This represents a five-fold increase from the previous year. The brand is available in 15 Indian states and four international markets.
The Glenwalk’s success has been driven by Cartel Bros’ co-founders Mokksh Sani, Jitin Merani, Rohan Nihalani, and Manish Sani, whose innovative strategies have propelled the brand’s remarkable trajectory. The Glenwalk plans to launch new products and expand into more markets
The company said in a statement that the figure represents a five-fold increase from 0.2 million bottles during the same period last year. The brand is currently available in 15 states including Maharashtra, Haryana, Delhi, Karnataka and Tamil Nadu, and has expanded its presence to four international markets including Canada, Australia, New Zealand and the UAE. It is stocked across more than 10,000 retail and bar outlets and featured in 24 duty-free stores globally. In Meghalaya, where it was recently launched, the brand is priced at ₹1,708 and targets sales of 8,000 cases in the first year
“Witnessing The Glenwalk’s meteoric rise in such a short span has been genuinely inspiring. We’ve achieved in two years what takes many brands decades. Our success is a testament to the team’s relentless effort and the high-quality product we offer, and I’m excited for this next phase of growth,” said Sanjay Dutt, co-founder and brand ambassador. The Glenwalk has received over 10 global whisky awards and four business recognitions. It plans to introduce two new expressions – a 5-Year-Old and a 7-Year-Old and expand into six more Indian states and five overseas markets, including the US, Hong Kong, Nepal, Sri Lanka and Africa.
The Glenwalk is now available in Meghalaya. The brand has expanded across 15 Indian states, including Maharashtra, Haryana, Delhi, Karnataka, and Tamil Nadu. Internationally, it is present in Canada, Australia, New Zealand, and the UAE, available at over 10,000 retail and bar outlets, and featured in over 24 duty-free stores worldwide.
“The Glenwalk’s journey has been phenomenal, and our success is a direct result of our strategic vision and the immense market potential we identified,” said Mokksh Sani, Founder of Living Liquidz, Mansionz, and Co-founder of Cartel Bros. Sanjay Dutt, celebrity brand ambassador and co-founder, added, “Witnessing The Glenwalk’s meteoric rise in such a short span has been genuinely inspiring. Our success is a testament to the team’s relentless effort and the high-quality product we offer.”
India and UK signed a historic FTA recently and while some in the Indian Alcobev landscape lauded and applauded the move for reduction on import tariffs from 150% to 75% on scotches and bulk imports, many are up in arms anticipating the impact it can have on the homegrown products. At Ambrosia we have covered this topic extensively over the past few months and in this article Bhavya Desai spoke to industry leaders to understand and ascertain the sentiments of both, domestic as well as international players. Excerpts:
Anant S. Iyer, Director General, CIABC
In a country like India – where the consumer landscape is witnessing a paradigm shift and premiumisation atop of most manufacturers list, Anant S. Iyer, Director General, Confederation of Indian Alcoholic Beverage Companies (CIABC) says, “Imported Scotch already enjoys a strong foothold in India’s premium segment and with the new India-UK FTA, and Scotch whisky likely to become 20–30% cheaper, the impact could be asymmetric and policy-skewed.”
To substantiate this, he points to the fact that, in 2024, bottled-in-origin (BIO) and bottled-in-India (BII) Scotch collectively accounted for more than 80% of the premium-and-above whisky segment. BII holds 59%, BIO 21%, while Indian-made premium whisky (IMFL) was left with just 20%.
The concern, as Iyer outlines, is less about competition and more about a ‘policy imbalance’. Imported whiskies already enjoy tax and label registration fee advantages in many states like Maharashtra, Kerala, Odisha and Delhi. And he urges that, “States should now remove the discriminatory policies vis-à-vis IMFL compared to BIO brands.”
As Scotch becomes more affordable, Indian premium brands – especially in the ₹1,200–₹2,500 segment – may find their shelf space and margins under pressure. And according to him it is not just whisky, but also the premium Indian gins priced between ₹800 to ₹3,000 could also feel the squeeze.
While the jury is still out on the longterm impact, but he could be right – if makers take the same route as the Americans. Sources close to Ambrosia state that atleast 2-3 bourbon companies are likely to set up a bottling plant in India following its reduction to 50% this year. Whether they are able to capture the imagination of the consumer, remains to be seen, considering the bourbons aren’t very popular amongst Indian consumers.
However, to counteract potential market flooding, Iyer emphasises the need for a Minimum Import Price (MIP) of $4 per 750ml for BIO spirits and higher thresholds for wine. “Without this safeguard, cheaper imported spirits could flood the market, undoing years of progress by Indian premium brands.”
But Indian spirit makers aren’t backing down.
“Our members are ready to compete, but on fair terms,” says Iyer. Strategies range from enhanced consumer engagement to stronger retail execution (RTM) and even launching new premium SKUs. “The consumer will be spoiled for choice as FTAs materialise,” he adds.
And what’s interesting is that Indian Single Malts like Amrut, Rampur, Indri, Gianchand and others have already begun outselling Scotch Single Malts in India. “Our brands are winning international awards and are now on duty-free shelves globally,” Iyer notes, calling for removal of non-tariff barriers (NTBs) to help Indian brands expand into developed markets like the UK, EU, and Australia.
Sanjit Padhi, CEO, International Spirits and Wines Association of India (ISWAI)
A sentiment echoed by Sanjit Padhi, CEO, International Spirits and Wines Association of India (ISWAI), “As Indian Single Malts gain global recognition, improved market access can create mutual benefits, just as Scotch whiskies gain better accessibility in India, Indian whiskies can expand their footprint abroad.”
What India has to Say?
But not all of the Indian companies are concerned with the FTA. Ideally the bigger the better.
For instance, Abhishek Khaitan, Managing Director, Radico Khaitan Ltd. takes a pragmatic view. “The FTA signals a momentous growth opportunity. As one of India’s largest Scotch importers, we expect strategic and cost advantages, particularly with requirements estimated at ₹250 crore in FY26.”
And that figure of ₹250 crore is surely inclined to tip the scales for the better for Radico.
Khaitan also believes that lower duties could accelerate premiumisation in the domestic market. “This agreement is a win-win – empowering Indian enterprises while showcasing India’s excellence on the global stage.”
Prem Dewan, Managing Director, DeVANS Modern Breweries
But not everyone is convinced that cheaper Scotch will flood the market. Prem Dewan, Managing Director, DeVANS Modern Breweries notes, “Indian consumers are selective. Indian single malts are already available in all ranges – including premium editions costing over ₹1 lac. We should not assume all Scotch whiskies are palatable for the Indian market.”
He adds that bulk Scotch imports for blending could actually enhance Indian whiskies, neutralising the pricing advantage. However, he warns that ‘undue state-level duty advantages for imported liquor, driven by lobbying, continue to hamper domestic players’, a concern highlighted by Iyer earlier as well.
Is Dumping a Possibility?
Like many industries, a question on everyone’s mind is – if dumping cheaper spirits is going to be a possibility and Iyer is unequivocal. “Yes, and it’s already visible. Scotch bottles retail at ₹900-1,100 in Haryana despite high MRPs. That suggests under-invoicing or transfer pricing.”
Abhishek Modi, Managing Director, Modi Illva
He isn’t alone in this concern. Abhishek Modi, Managing Director, Modi Illva acknowledges that opportunistic brands may attempt price-led disruptions. “Some players might introduce aggressively priced Scotch-heavy blends to lure price-sensitive consumers.” But he also quick to highlight that such moves are short-term and that the premiumisation trend will stay intact.
Modi also stresses that rising input costs (barley, energy) and a weakening rupee already compress margins for Scotch producers. “Scotch isn’t likely to become drastically cheaper in reality. The cost advantage may not even trickle down to consumers due to the rising input costs.”
Praveen Someshwar, Managing Director and CEO, Diageo India
International Players Toast the Opportunity
Understandably, for global players the enthusiasm runs high.
Praveen Someshwar, Managing Director and CEO, Diageo India, hails the FTA as ‘a historic treaty that reignites growth and offers greater choice to Indian consumers’.
Neeraj Kumar, Managing Director, India, Suntory Global Spirits
And Neeraj Kumar, Managing Director, India, Suntory Global Spirits echoes the sentiment. “This is a pivotal development and it improves affordability and strengthens bilateral trade, paving the way for greater innovation and investment.”
Padhi adds, “The deal will also stimulate growth across ancillary sectors such as hospitality, tourism and retail, while potentially increasing revenue for Indian states. At a macro level, the agreement will leverage mutual synergies and competencies of both nations.”
The Future?
Some industry pundits visualise the distant future, where the duty will reduce to 40% over the next decade as India being the most matured and developed spirits market globally. And if trends are anything – we are surely seeing that push currently.
As Anant Iyer puts it, atleast for the immediate future, “the momentum of Indian brands won’t stop. But we need policy support – both at the Centre and in States – to sustain it”.
The India–UK FTA might open doors to new markets and consumer segments. But it also lays bare the need for a level playing field, long-overdue reforms and robust checks to prevent policy-led distortions.
Whether this agreement becomes a toast to opportunity or a sobering challenge depends on how well Indian regulators, producers and consumers navigate the spirit of the deal.
Tilaknagar Industries Limited (TI) has announced that its Board of Directors has approved a preferential issue of securities (equity shares and warrants) amounting to approximately ₹2,296 crores. The issue price of ₹382 per security is in compliance with the pricing determined under Regulation 164 of the SEBI ICDR Regulations.
It goes without saying what the company intends to utilise the proceeds raised through the Preferential Issue – considering its recent announcement for the acquisition of Imperial Blue brand and general corporate purpose.
A total of 44 investors will be participating in this issue, including promoters and existing prominent investors. Of these, nine investors are subscribing through equity shares, contributing approximately ₹549 crores while the remaining 35 investors will participate through warrants, raising approximately ₹1,747 crores.
As per the terms, ₹437 crores (25% of the warrants issue size) will be payable at the time of allotment of warrants, while the balance ₹1,310 crores will be received upon conversion into equity shares.
The promoter group is also actively participating in the issue with the company’s Chairman and Managing Director, Amit Dahanukar subscribing to warrants worth ₹306 crores. Other investors include Axana Estates LLP, SMALLCAP World Fund Inc, TIMF Holdings, Funds managed by Abakkus Asset Manager Private Limited, Bandhan Mutual Fund, Arpit Khandelwal and several other institutional and marquee high-net-worth individuals.
Radico Khaitan has announced its entry into the luxury vodka segment with the launch of ‘The Spirit of Kashmyr’. Having established itself in the premium whisky segment, Radico Khaitan now broadens its focus with an entry into high-end vodka.
Drawing inspiration from the cultural richness and natural heritage of Kashmir, the new vodka positions itself in the top-end of the Indian vodka category. The Spirit of Kashmyr is a small-batch, grain-based vodka distilled five times and charcoal-filtered for clarity. According to Radico -what sets it apart is its visual and vibrant packaging, a floral motif rendered in papier-mâché style, influenced by the artisanal legacy of Kashmir.
Available in two variants — Natural (Classic) and Saffron — the vodka is currently being introduced in select markets including Goa, followed by other key states in the coming months. Priced at ₹2,500 for a 750 ml bottle in Goa, the brand will be competing in the luxury tier, where vodka consumption in India has seen growing interest among urban consumers.This launch is in line with a broader trend of Indian players tapping into the country’s own cultural narratives to build globally relevant premium brands. With The Spirit of Kashmyr, Rooted in Indian heritage, the launch reflects a growing focus on blending premium craft with cultural authenticity.
In a pioneering move to safeguard consumers and reinforce trust in premium Indian spirits, Piccadily Agro Industries Limited has become the first Indian alcobev company to implement ForgeStop’s cutting-edge anti-counterfeit smart label technology for its acclaimed Indri Single Malt.
With counterfeiting rampant in India—where it’s said that more Scotch is consumed than Scotland even produces—Piccadily has taken a bold and proactive step. By integrating NFC-enabled smart labels into its packaging, the company is setting a new benchmark in authenticity and transparency, investing significantly to ensure consumers receive only genuine, original products, reinforcing trust in premium Indian spirits.
ForgeStop InfoTap Labels on Piccadily products utilise EM Microelectronic echo-V chips with 128bit AES encryption and dynamically changing tokens – giving them bank level security and making them virtually impossible to fake. They also feature tag-tamper detection – alerting a consumer if the bottle seal has ever been broken – this prevents bottle re-use, a major issue with Alcohol counterfeiting that is difficult to combat with other technologies. Its platform creates a unique digital twin of every product at the moment of production and secures the product until it’s enjoyed by the customer. The software allows for app-free authentication and provides batch level product information – making it the most user-friendly anti-counterfeit technology available. This technology can be connected to the blockchain generating an immutable product journey – securing supply chains.
Unlike static technologies such as QR codes or holograms, this NFC tap and verify experience allows customers to simply tap their smartphones to the bottle to instantly confirm its authenticity and view batch-level information.
“As a brand committed to authenticity and quality, we’re proud to be the first Indian single malt brand to take this bold step,” said Praveen Malviya, CEO (IMFL), Piccadily Agro Industries Limited. “Counterfeit alcohol is a serious issue in India and globally. With ForgeStop’s smart technology, our customers can enjoy Indri with the confidence that what’s in the bottle is exactly what we crafted.”
“We’re proud to partner with Piccadily Distilleries, a globally recognised brand leading the way in product integrity. With ForgeStop’s smart label technology, consumers can instantly verify authenticity and access product information with a simple tap—no app required. It’s a seamless blend of security and brand storytelling.” said Terry Katz, CEO of ForgeStop.
As per the TRACIT (Transnational Alliance to Combat Illicit Trade) September 2023 report on India, a significant share of alcohol sold in India is counterfeit—well above the global average—and the problem is escalating rapidly. Counterfeit alcohol not only harms brands, but also poses serious risks to consumer health.
Piccadily Agro Industries Ltd, the parent company of India’s fastest-growing single malt whisky brand, Indri, has unveiled its latest creation: Indri Founder’s Reserve 11-Year-Old Single Malt. This new offering is dedicated to the group’s founder, Pt. Kidar Nath Sharma, as a tribute to his legacy.
Aged for 11 years in Ex-Bordeaux Red Wine Casks, this offering is a limited-edition release with only 1,100 bottles available worldwide, of which 550 will be for the Indian market. The company said the release is both a collector’s treasure and a connoisseur’s delight. The limited-edition single malt is priced at ₹35,000 in Gurugram.
The oak barrels so used are the ones that were previously used to age red wine from the Bordeaux region of France and are now repurposed for aging whisky. The whisky will have a 50% alcohol by volume (ABV) for India and 58.5% ABV for international markets.
The whisky is kept at its distillery located in Haryana under extreme climate conditions throughout the year, accelerating the whisky’s maturation, creating an opulent, full-bodied expression that exudes complexity and depth unique to the region’s terroir.
“Indri Founder’s Reserve 11-Year-Old single malt is a symbol of India’s ascension in the world of fine single malt whisky. Aged to perfection and crafted with care, this expression embodies the essence of our founder’s dream: to create world-class Indian single malt whisky with soul, structure, and enduring quality,” said Shalini Sharma, Head of Marketing, Piccadily Agro Industries Limited, in a statement.
“The deep amber liquid offers an aromatic bouquet of dark fruits and warm spices that open into a palate of caramelised nuts, and velvety vanilla, concluding with an indulgent finish of oak and wine-influenced sweetness,” the group said in a statement.
The Founder’s Reserve 11-Year-Old single malt whisky has garnered several prestigious global accolades, including the Gold Award at the 2025 World Whisky Awards in the Single Malts 12 Years & Under category, a spot among the top 15 whiskies in the world at the International Whisky Competition, and a Gold Medal at the New York World Wine & Spirits Competition, among other notable honours.
Radico Khaitan expects sales of ₹500 crore from its luxury brands in the next fiscal, according to its Managing Director Abhishek Khaitan. The premium brands are the famous Indian single malt ‘Rampur’ and the artisanal gin Jaisalmer Indian craft gin. The company has plans to add to more brands in the next fiscal.
The company has been experiencing robust sales and expects 8 to 9% growth in volumes and by 12 to 15% in terms of value. The prestige and above segments have been registering double digit growth and the company expects to close in the same range of about 15%.
Radico Khaitan’s luxury portfolio consists of Rampur Indian Single Malt, Jaisalmer Indian Craft Gin, Sangam World Malt and Spirit of Victory 1999 Pure Malt. “For the first time in Q3 (December quarter) we achieved a turnover of ₹100 crore (from premium) and for the nine months of FY’24, we have achieved ₹250 crore (turnover). We are very confident that for FY’26, Radico Khaitan should achieve ₹500 crore of turnover, just for the luxury segment only,” said Khaitan.
