UNITDSPR

Adds details in paragraphs 2-7

March 6 (Reuters) - Thirsty young techies and professionals in the state home to India's Silicon Valley are expected to get easier access to a pint as authorities plan to scrap government-administered price controls on alcoholic beverages from April 2026.

Karnataka, home to technology hub Bengaluru, is one of India's most lucrative alcohol markets, with its large base of young professionals and multinational workforce driving demand for premium brands from global drinks makers like Diageo DGE.L, Pernod Ricard PERP.PA, Anheuser-Busch InBev ABI.BR and Carlsberg CARLb.CO.

Shares of Indian alcohol makers including United Breweries UBBW.NS, Tilaknagar Industries TILK.NS and Radico Khaitan RADC.NS rose following the policy announcement, with United Spirits UNSP.NS, owned by Diageo, jumping 5.4% and United Breweries, backed by Heineken HEIN.AS, gaining 2.6%.

India is the world's eighth-largest alcohol market with annual revenues of $45 billion; each state has its own regulations and pricing.

In Karnataka, the government controls retail alcohol pricing. Manufacturers declare ex-factory prices, based on which the state fixes the maximum retail price.

The state has among the highest alcohol taxes in India, with liquor classified into multiple price sections, each attracting an additional excise duty.

Karnataka now plans to introduce an alcohol-in-beverage-based excise duty structure that taxes alcohol based on its strength and reduce pricing categories to eight from 16, while allowing producers to decide on prices.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Thomas Derpinghaus)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

Repeats story first published on Wednesday

By Amy-Jo Crowley and Vibhuti Sharma

LONDON/MUMBAI, Feb 26 (Reuters) - Billionaire David Blitzer is eyeing a majority stake in an Indian Premier League cricket team and is holding talks with two franchises, two sources said, stoking a bidding war with Manchester United co-chairman Avram Glazer and Indian tycoons.

Blitzer, co-founder of Harris Blitzer Sports & Entertainment, is conducting due diligence on Royal Challengers Bengaluru and Rajasthan Royals, two sources with direct knowledge of the discussions confirmed.

The talks value Royal Challengers Bengaluru, last year's IPL champions, at around $1.8 billion, three sources said.

Royal Challengers Bengaluru and Rajasthan Royals declined to comment.

Avram Glazer, co-owner of Premier League soccer club Manchester United and owner of the NFL's Tampa Bay Buccaneers, has also submitted initial bids for both the IPL teams, according to five sources familiar with the matter.

Blitzer did not immediately respond to requests for comment.

The growing interest in IPL franchises is driven by rising team revenues and the Twenty20 league's record valuation, which investment bank Houlihan Lokey put at $18.5 billion last year.

Global investors KKR and Blackstone are among others competing for a stake; KKR is evaluating both teams, while Blackstone has shown interest in Royal Challengers Bengaluru, Reuters reported last week.

TALKS ONGOING FOR FORMING CONSORTIUMS

Diageo's DGE.L India arm launched a strategic review of its 100% holding of the Bengaluru franchise in November, labeling the team "non-core" to its primary alcohol business. Rajasthan Royals are majority owned by London-based venture capitalist Manoj Badale.

Diageo declined to comment, while Badale did not respond to Reuters' queries.

A stake in the IPL would further diversify Blitzer's global sports portfolio, which includes stakes in all five major North American professional leagues, with holdings including the NBA's Philadelphia 76ers and the NHL's New Jersey Devils.

Blitzer's family office, BOLT Ventures, has progressed to the second round of negotiations for both IPL teams, and is conducting "serious work" as he weighs a move for either franchise, one source close to the negotiations said.

Both Glazer and Blitzer are in talks with investors and debt providers to form consortiums to secure a majority stake in one of the two teams, four sources added, without naming the other parties.

INDIAN TYCOONS ALSO INTERESTED

The deadline for final bids is set for mid-March, sources said. The next IPL season starts on March 26, and will feature 84 matches played in the cricket-mad nation over two months.

Any deal requires approval from the Board of Control for Cricket in India, the world's richest cricket board.

Raine Group is advising the Rajasthan Royals; Citigroup is managing the process for Royal Challengers Bengaluru. Both Raine Group and Citigroup declined to comment.

Royal Challengers Bengaluru reported revenue of $56 million for 2024-25, a 73% increase over a three-year period. Rajasthan Royals recorded a 136% revenue jump over the same period.

The continent-spanning bidding war also includes Adar Poonawalla, CEO of vaccine maker Serum Institute of India, who has said he will make a "strong and competitive bid" for Royal Challengers Bengaluru.

Indian billionaire and Manipal Education and Medical Group chairman Ranjan Pai is also eyeing a stake in the Bengaluru team, two sources familiar with the matter said.

Pai did not respond to a request for comment by Reuters.

(Editing by Aditya Kalra and Toby Davis)

(([email protected];))

By Amy-Jo Crowley and Vibhuti Sharma

LONDON/MUMBAI, Feb 25 (Reuters) - Billionaire David Blitzer is eyeing a majority stake in an Indian Premier League cricket team and is holding talks with two franchises, two sources said, stoking a bidding war with Manchester United co-chairman Avram Glazer and Indian tycoons.

Blitzer, co-founder of Harris Blitzer Sports & Entertainment, is conducting due diligence on Royal Challengers Bengaluru and Rajasthan Royals, two sources with direct knowledge of the discussions confirmed.

The talks value Royal Challengers Bengaluru, last year's IPL champions, at around $1.8 billion, three sources said.

Royal Challengers Bengaluru and Rajasthan Royals declined to comment.

Avram Glazer, co-owner of Premier League soccer club Manchester United and owner of the NFL's Tampa Bay Buccaneers, has also submitted initial bids for both the IPL teams, according to five sources familiar with the matter.

Blitzer did not immediately respond to requests for comment.

The growing interest in IPL franchises is driven by rising team revenues and the Twenty20 league's record valuation, which investment bank Houlihan Lokey put at $18.5 billion last year.

Global investors KKR and Blackstone are among others competing for a stake; KKR is evaluating both teams, while Blackstone has shown interest in Royal Challengers Bengaluru, Reuters reported last week.

TALKS ONGOING FOR FORMING CONSORTIUMS

Diageo's DGE.L India arm launched a strategic review of its 100% holding of the Bengaluru franchise in November, labeling the team "non-core" to its primary alcohol business. Rajasthan Royals are majority owned by London-based venture capitalist Manoj Badale.

Diageo declined to comment, while Badale did not respond to Reuters' queries.

A stake in the IPL would further diversify Blitzer's global sports portfolio, which includes stakes in all five major North American professional leagues, with holdings including the NBA's Philadelphia 76ers and the NHL's New Jersey Devils.

Blitzer's family office, BOLT Ventures, has progressed to the second round of negotiations for both IPL teams, and is conducting "serious work" as he weighs a move for either franchise, one source close to the negotiations said.

Both Glazer and Blitzer are in talks with investors and debt providers to form consortiums to secure a majority stake in one of the two teams, four sources added, without naming the other parties.

INDIAN TYCOONS ALSO INTERESTED

The deadline for final bids is set for mid-March, sources said. The next IPL season starts on March 26, and will feature 84 matches played in the cricket-mad nation over two months.

Any deal requires approval from the Board of Control for Cricket in India, the world's richest cricket board.

Raine Group is advising the Rajasthan Royals; Citigroup is managing the process for Royal Challengers Bengaluru. Both Raine Group and Citigroup declined to comment.

Royal Challengers Bengaluru reported revenue of $56 million for 2024-25, a 73% increase over a three-year period. Rajasthan Royals recorded a 136% revenue jump over the same period.

The continent-spanning bidding war also includes Adar Poonawalla, CEO of vaccine maker Serum Institute of India, who has said he will make a "strong and competitive bid" for Royal Challengers Bengaluru.

Indian billionaire and Manipal Education and Medical Group chairman Ranjan Pai is also eyeing a stake in the Bengaluru team, two sources familiar with the matter said.

Pai did not respond to a request for comment by Reuters.

(Editing by Aditya Kalra and Toby Davis)

(([email protected];))

By Vibhuti Sharma

MUMBAI, Feb 17 (Reuters) - Global private equity investors like KKR and Blackstone have a new investment hotspot in India: cricket.

The Indian Premier League, the world's richest cricket league, counts Bollywood stars, Indian tycoons and spirits maker Diageo DGE.L among its backers, but is now attracting major private equity firms with the prospect of rapidly rising revenue and profits and massive viewership globally.

The business value of the league, popularly called the IPL, surged to a record $18.5 billion last year, U.S.-based investment bank Houlihan Lokey says.

That's much smaller than America's National Football League (NFL) valued at $227 billion and the National Basketball Association (NBA) worth $165 billion, but on a per-match basis the IPL is now the world's second-most valuable sports league after the NFL.

KKR and Blackstone are eyeing stakes in the winner of last season, Royal Challengers Bengaluru (RCB), two banking sources said. KKR is also reviewing a possible stake in the Rajasthan Royals team, while Swiss-based PE firm Partners Group is considering at least one team for investment, sources said.

It was a blockbuster IPL deal by European private equity firm CVC Capital that triggered the new wave of interest among investors, bankers say. CVC sold a majority stake in the Gujarat Titans, netting a return of more than 350% in dollar terms just four years after acquiring it. The deal valued the team at $900 million.

"India's structural economic growth should continue to support long-term value creation," said Siddharth Patel, a managing partner at CVC Capital.

"Combined with the scarcity of IPL franchises, it is clear why there is such intense investment interest from both industrial groups, family offices and private equity investors.”

Since the CVC deal, several enquiries have come in from private equity clients in the U.S. and Europe for IPL stakes, said Harsh Talikoti, a sports deals specialist at Houlihan Lokey in Mumbai.

"The IPL model proved you can generate serious profit," he said.

Blackstone, KKR, Partners Group and Royal Challengers Bengaluru declined to comment, while Rajasthan Royals did not respond to Reuters' requests for comment. The sources declined to be named as the talks are private.

CENTRALISED POOL AND BROADCAST RIGHTS BOUNTY

The IPL has reshaped the game in a country where the top cricketers are often worshipped. Last year, IPL had a record 1.19 billion viewers across digital and TV, far larger than the NFL.

Each year after an auction for global players, IPL teams compete in matches in the 20-over format of the game. The next season starts March 26.

Key factors driving investor interest in the league are a doubling in the value of broadcast rights to more than $6 billion in the most recent auction in 2022, rising franchise revenues and the Indian cricket board BCCI's pooled revenue-sharing model that bolsters team revenues.

The board pools media rights and league sponsorship funds, keeps half, and distributes the rest equally among the teams - a structure far more centralised and evenly shared than, say, in the NBA.

The model ensures each team is well-funded to acquire players, and with regular player auctions, any team can contend for the title in a season, CVC's Patel said. That helps "maintain strong audience engagement and provides franchises with predictable economics through the media rights cycle."

Mohit Burman, an Indian businessman who co-owns the Punjab Kings team with Bollywood star Preity Zinta, said his sponsorship revenue grew 30% a year, but the key lure for private equity firms was the revenue-sharing model.

"The IPL can certainly rival - and in some cases outperform - U.S. leagues on investor returns, even if the absolute scale differs," Burman told Reuters.

Every IPL franchise earns around $55 million alone from the board's pool annually, he said. Ticket sales and other sponsorship earnings are on top of this.

"The asset class has clearly come of age," Burman said.

The BCCI and other IPL teams did not respond to Reuters' queries.

THE INVESTMENT RISKS

Reliance and Disney DIS.N merged their India businesses in 2024, and now together own the streaming and TV broadcast rights for IPL until 2027 which cost $6.2 billion. Jefferies analysts say the per-match value just on those rights makes IPL the second-highest valued globally after the NFL.

But there are risks for investors, too.

With similar leagues finding traction in South Africa, UAE and Australia, cricketers must navigate an increasingly crowded franchise calendar alongside their international commitments.

The biggest overhang is the worry that the Disney-Reliance merger will mean less competition and could result in fewer dollars for teams in the 2027 broadcast auction.

Indian billionaire Sanjiv Goenka doesn't agree. He said in an interview last year that his 2021 acquisition of an IPL team for $781 million is a "trophy business" and broadcast rights will only get pricier.

Many investors, including Goenka's Group and Mukesh Ambani's Reliance, bet a total of 500 million pounds last year in the England and Wales Cricket Board's hundred-ball league.

RISING TEAM REVENUES

The NFL opened its teams for private equity investors in 2024, and the NBA allows such investments but with strict ownership caps. IPL has no such limits, permitting greater private capital play.

Team revenue, earnings growth and the limited number of teams are big allures. There are 10 teams in the IPL, compared to 32 in the NFL.

A Reuters analysis of regulatory disclosures showed at least five IPL teams more than doubled their revenue, on an absolute basis, since 2022, with two of them even doubling their profits. Three other franchises also recorded a doubling of profits - but not revenue - in the period.

Kolkata Knight Riders, part-owned by Bollywood star Shah Rukh Khan, reported revenue of $76.8 million for 2023-24, up 119% from the previous year. Net profit rose six times to $19.4 million.

Sumat Chopra, private equity head at consultancy Kearney which has advised clients on the IPL, said there's more upside as marquee players bolster team revenues. Top players like India's Virat Kohli and Australia's Pat Cummins play the IPL.

"IPL franchise valuations are likely to compound steadily over time, supported by rising media economics."

($1 = 90.7500 Indian rupees)

(Reporting by Vibhuti Sharma in Mumbai; Additional reporting by Amlan Chakraborty; Editing by Aditya Kalra and Sonali Paul)

(([email protected];))

Jan 22 (Reuters) - Adar Poonawalla, CEO of vaccine maker Serum Institute of India, said on Thursday he will bid for the Indian Premier League cricket team Royal Challengers Bengaluru (RCB).

"Over the next few months, will be putting in a strong and competitive bid" for the 2025 men's tournament champions, Poonawalla said on social media platform X, calling it "one of the best teams in the IPL."

He did not disclose details of the bid or specify whether he was bidding in a personal capacity or on behalf of the company.

RCB is owned by United Spirits UNSP.NS, an Indian unit of the one of the world's largest spirits makers, Diageo DGE.L.

In November, United Spirits said it will begin a strategic review of its investment in RCB as it focuses on its core alcohol business.

Diageo was seeking a valuation of about $2 billion for the team last year, according to media reports.

In 2025, the men's team won its first IPL title in the history of the tournament, while the women's team won its title in 2024.

(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Sahal Muhammed)

(([email protected];))

** Shares of India's United Spirits UNSP.NS drop 2.4% to 1285 rupees, set for third straight session of losses

** Co's Q3 profit rises 12% yoy; rev up 3% yoy

** Brokerage CLSA ("hold", PT at 1300 rupees) says co missed expectation on EBITDA, margins driven by higher marketing spend

** Brokerage Investec says co's margin contracted 35 bps yoy to 16.8%, missing estimates

** Solid net sales value (NSV) growth, but volumes below expectations- Investec ("buy", PT at 1673 rupees)

** UNSP rated "buy" on avg by 23 analysts covering it; median PT at 1640 rupees- data compiled by LSEG

** In 2025, UNSP lost 11%

(Reporting by Komal Salecha in Bengaluru)

(([email protected]))

Jan 20 (Reuters) - United Spirits Ltd UNSP.NS:

• TO INVEST 32 MILLION RUPEES IN SOBER

• SHAREHOLDING IN SOBER TO INCREASE TO 25%

Source text: ID:nBSE39lQv3

Further company coverage: UNSP.NS

(([email protected];;))

By Aditya Kalra

NEW DELHI, Nov 28 (Reuters) - Diageo and Pernod Ricard's Indian lobbying group has sued Maharashtra state over a sharp tax hike on their affordable brands and for excluding the companies from a new lower tax category reserved for some local firms.

Maharashtra accounts for 7% of India's premium liquor consumption and is home to big Diageo and Pernod factories. The financial hub Mumbai there is a key market for companies aiming to target an affluent urban population.

Between June and August, the state introduced a new policy to boost local investments by creating a category called "Maharashtra Made Liquor", under which manufacturers headquartered in the state with zero foreign investment can offer liquor products with a 270% tax.

Taxes were raised to 450% from 300% on other premium brands in the affordable segment, which have a cost of production below 260 rupees ($3) a litre.

Affected brands include Diageo's McDowell's, which it says is India's largest selling whisky brand, Pernod's Royal Stag, Tilaknagar Industries' TILK.NS Imperial Blue and Allied Blenders and Distillers' ALLE.NS Officer's Choice.

The International Spirits and Wines Association of India has said the policy creates trade barriers, asking judges to quash it, or let companies with foreign investment participate in the lower-tax system, according to its November 14 filing, which is not public but was reviewed by Reuters.

Mumbai's High Court will hear the case on December 9.

FURORE OVER 'MAHARASHTRA MADE LIQUOR'

ISWAI's lawsuit says "the state has sought to grant an artificial competitive advantage to the preferred class".

The Maharashtra government did not respond to Reuters queries. It has publicly said the new policies will help in job creation, new investments, raise the operating capacity of existing factories and help garner $1.56 billion a year in additional revenues.

Diageo's DGE.L Indian unit, United Spirits UNSP.NS, said in a statement Maharashtra is a key market and it hopes to have a level playing field. ISWAI, Pernod PERP.PA, Tilaknagar and Allied Blenders ALLE.NS did not respond to Reuters queries.

The affordable segment affected by the tax hike contributes 70% of Maharashtra's premium spirit sales, said Anant S. Iyer, Director General of the Confederation of Indian Alcoholic Beverage Companies, whose members include Allied Blenders and Tilaknagar.

"Sales of impacted brands have fallen 35-40% in recent weeks since the hike in excise duty," he said.

India is the world's eighth-biggest alcohol market with annual revenues of $45 billion. Each state has its own regulations and pricing.

Global firms are also demanding $337 million in overdue payments from sales to a state-run depot in Telangana state, and face planned tougher advertising restrictions and several antitrust investigations.

(Reporting by Aditya Kalra
Editing by Peter Graff)

((Email: [email protected]; X: @adityakalra;))

Oct 1 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS LTD - HIGH COURT SETS ASIDE WATER CHARGE DEMANDS OF 4.43 BILLION RUPEES

• UNITED SPIRITS - COURT DIRECTED WRD TO AFRESH ASCERTAIN BIFURCATION OF WATER CHARGES

Source text: ID:nBSE560hWp

Further company coverage: UNSP.NS

([email protected])

Sept 30 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS LTD - DECLINES TO COMMENT ON RCB STAKE SALE SPECULATION

Source text: ID:nBSE4GcnJx

Further company coverage: UNSP.NS

([email protected])

Aug 13 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS Q1 PROFIT 2.58 BILLION RUPEES

• UNITED SPIRITS Q1 REVENUE FROM OPERATIONS 58.23 BILLION RUPEES

Source text: ID:nBSE3PMm6n

Further company coverage: UNSP.NS

(([email protected];))

By Aditya Kalra and Dhwani Pandya

NEW DELHI MUMBAI, July 30 (Reuters) - At first glance, halving import tariffs on Scotch to 75% under the India-UK trade deal should bring the biggest cheer to India's whisky lovers. But there is little to celebrate once you look closely at India's complex tax regime.

In the world's most populous nation, each of the 28 states and eight federally-controlled territories regulate alcohol independently and impose heavy local taxes that contribute richly to the exchequer.

That means the price consumers pay for their drink in India includes state excise tax, handling charges, a social welfare fee, and distribution and retailer margins, and once they are taken into account the industry estimates final prices of imported Scotch will come down by less than 10%, four liquor industry executives said. Some fear states may even increase taxes, cancelling out the reduction from the trade deal.

One executive at a foreign company said the tariff cut "won't be a gamechanger." Another said the share of customs duty as a percentage of the total product price was less than 25% in most states. Both declined to be named as they were not authorised to speak to the media.

Naveen Malpani, consumer and retail industry leader at consultants Grant Thornton Bharat, said the import duty made up only about 10% to 20% of the retail price on average across India, with the rest from local levies and other costs.

"The deal is likely to enhance premiumisation and brand variety rather than trigger an immediate spike in demand," he said.

A breakdown provided on the website of the government of southern Kerala state shows the high taxation regime: a bottle of Pernod's Chivas Regal blended Scotch aged for 18 years costs 6,288 rupees ($72) with import tariffs, but local taxes and levies take the price to 13,560 rupees ($156).

Similarly, Johnnie Walker Blue Label costs 30,570 rupees ($352) in Kerala. In California, after discounts, that brand costs around $180, according to shopping website BevMo.com.

Despite the high taxes, Euromonitor estimates India's spirits market was worth $37 billion last year, lagging only China and the United States, and it remains an attractive market - Diageo DGE.L, which produces Johnnie Walker, and Pernod Ricard PERP.PA together had India revenues of almost $6 billion last year.

India is Scotch whisky's largest export market by volume, with the equivalent of more than 192 million bottles exported to the country in 2024, and the volume growing by more than 200% in the past decade, according to the Scotch Whisky Association.

But doing business in the whisky-loving country is challenging. As well as the layers of taxation, companies must contend with a web of regulation, which requires they seek approval for bottle labels and prices each year. In 2022, Pernod's then South Asia CEO told Reuters in an interview that India was "probably the most complex market" in the world for the industry.

Amid the complexity, local producers have also stepped up. Made-in-India single malts are offering stiff competition to the established international brands as Indians develop a taste for bespoke cocktails and more sophisticated drinks.

Young Indians "are all going for Indian single malts rather than Scotch," said Rajesh Chopra, director general of Indian Malt Whisky Association, adding lower tariffs could spur collaboration among Indian and UK whisky makers.

(Reporting by Aditya Kalra and Dhwani Pandya; additional reporting by Saurabh Sharma; Editing by Kate Mayberry)

(([email protected];))

Adds industry context in paragraphs 12-13

PARIS, July 23 (Reuters) - Pernod Ricard PERP.PA said on Wednesday it had agreed to sell its Imperial Blue whisky business to Indian liquor maker Tilaknagar Industries TILK.NS, as the French spirits group boosts its focus on premium labels in its portfolio.

The world's No. 2 Western spirits maker did not disclose the value of the deal, but said that on completion it was expected to be "immediately and meaningfully accretive" to Pernod Ricard India's operating margin and net sales growth rate.

The transaction is subject to approval from the competition commission of India, and is expected to close within the coming months, Pernod Ricard said in a statement.

The news comes as the French group looks to streamline its business and focus on its core portfolio of pricey, global brands amid a sector-wide downturn in sales.

Pernod Ricard Chairman and CEO Alexandre Ricard said the sale would "sharpen our focus on more profitable and faster growing brands in India, as in the rest of the world".

Jean Touboul, CEO of Pernod Ricard India, said it would notably allow Pernod Ricard to allocate resources more effectively towards high-growth brands in India such as Royal Stag and Blenders Pride, as well as international brands like Chivas, Jameson, Absolut, and Ballantine’s.

Pernod Ricard sees India, the group second-largest market, as key to future growth. Alcohol sales in India are projected to hit $61.35 billion in fiscal 2025–26, according to CRISIL.

Imperial Blue, a top-selling mass-market whisky, competes in India with the likes of United Spirits' McDowell's No.1.

Pernod Ricard views it as a local, value brand, and therefore not as central to its strategy as pricier, global labels like Chivas Regal.

For Tilaknagar Industries, a dominant player in India's brandy market with Mansion House, the deal marks a strategic shift into whisky, a faster-growing, higher-margin segment.

Tilaknagar Industries has been in turnaround mode, returning to profit after debt restructuring and widening distribution.

Earlier this month, Reuters reported that Inbrew Beverages and Tilaknagar Industries were each looking to raise around $500 million as they competed to buy Imperial Blue.

Global spirits makers have been scrambling to adjust their businesses to a sharp and sustained drop in sales in many markets after a boom in pricey liquor sales during the pandemic went into reverse amid high inflation and interest rates.

Companies like Pernod Ricard have also faced tariff threats in key markets like the United States and China, and worries about longer-term challenges such as some drinkers cutting back or health warnings from authorities.

(Reporting by Dominique Vidalon in Paris and Chandini Monnappa in Bengaluru. Editing by Benoit Van Overstraeten and Mark Potter)

(([email protected]; +33149495432; Reuters Messaging: [email protected]))

June 26 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS - COMPLETION OF INVESTMENT WORTH 560 MILLION RUPEES IN NAO SPIRITS

• UNITED SPIRITS - TO FURTHER INVEST IN NAO 200 MILLION RUPEES

Source text: ID:nnAZN41RIXK

Further company coverage: UNSP.NS

(([email protected];))

June 19 (Reuters) - India's United Spirits UNSP.NS said on Thursday it is buying the maker of popular craft gins 'Greater Than' and 'Hapusa' in a deal valued at 1.3 billion rupees ($15.2 million), including debt, in a bid to boost its premium portfolio.

The Indian arm of spirits maker Diageo DGE.L added that the company, NAO Spirits, has been part of the portfolio of its investment arm, Ventures.

NAO was launched in 2017. Its brand 'Greater Than' was India's first craft gin, said United Spirits.

The deal comes at a time when rising disposable income among the upper middle class and richer Indians has led to higher demand for more expensive liquor, in tandem with more openness towards casual drinking and experimental offerings.

Local and authentic craft-oriented brands are well placed to cater to these trends, said United Spirits.

Hapusa, for example, can be priced at more than 3,000 rupees and according to United Spirits, is one of the few craft gins in the world made with foraged Himalayan juniper and other botanicals.

Demand for premium liquor helped boost United Spirits' standalone profit in the fourth quarter by 17% to 4.51 billion rupees ($52.72 million). Net sales value in the segment rose faster than overall sales growth.

(Reporting by Ananta Agarwal in Bengaluru)

(([email protected];))

** Macquarie keeps "underperform" on India's United Spirits, UNSP.NS, citing volume risk from Maharashtra liquor duty hike

** Adds consumer prices could rise 15% or more, especially for economy-end liquor brands

** Macquarie sees duty rise of around 30 rupees to 45 rupees per bottle; premium brands may face steeper hikes

** Brokerage Goldman Sachs sees 20%–30% price hike from duty increase, warns of sharp volume drop in Maharashtra

** Adds customers may downtrade to lower priced brands within UNSP's portfolio, impacting realizations

** Shares of United Spirits UNSP.NS trading 0.9% lower at 1,489 rupees after shedding ~5% on Wednesday after the news

** Stock rated "buy" on average by analysts, median PT is 1,712.5 rupees - data compiled by LSEG

** UNSP shares down 7.5% so far in 2025

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected];))

June 10 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS LTD - DIAGEO CLARIFIES MEDIA REPORTS ON RCB STAKE SALE ARE SPECULATIVE

• UNITED SPIRITS - COMPANY IS NOT PURSUING ANY SUCH DISCUSSIONS

Source text: ID:nBSE3L0dHZ

Further company coverage: UNSP.NS

(([email protected];))

May 23 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS EXEC: INDIA-UK FTA WILL ENHANCE COST ACCESSIBILITY IN WORLD'S LARGEST WHISKEY MARKET

• UNITED SPIRITS EXEC: DUTY REDUCTION FROM 150% TO 75% COULD LEAD TO HIGH SINGLE DIGIT PRICE REDUCTION

• UNITED SPIRITS EXEC: DUTY REDUCTION BENEFITS WILL START COMING AROUND FY27

• UNITED SPIRITS EXEC: DUTY REDUCTION TO SPUR HIGH SINGLE DIGIT ADDITIONAL VOLUME GROWTH

• UNITED SPIRITS EXEC: MARGINS LIKELY TO BE RANGE BOUND IN THE NEXT COUPLE OF YEARS

Source text: [ID:]

Further company coverage: UNSP.NS

(([email protected];))

BENGALURU, May 20 (Reuters) - India's United Spirits reported a rise in fourth-quarter profit on Tuesday, helped by strong demand for its premium alcohol brands and resumption of sales in the southern state of Andhra Pradesh in September after a five-year gap.

The Indian arm of spirits maker Diageo DGE.L reported a standalone profit of 4.51 billion rupees ($52.72 million) for the quarter ended March 31, up 17% from a year ago.

The company said the net sales value of premium category, which includes Johnnie Walker whiskey and Tanqueray gin, rose 13.2% year-on-year, while overall net sales growth was 10.5%.

For further results highlights, click (Full Story).

KEY CONTEXT

Analysts said that following a strong October to December period, demand for alcoholic beverages remained strong during the fourth quarter, led by the wedding season.

United Spirits has focused on more premium products in its portfolio in the past few quarters, which has shielded the company to an extent from India's inflation-led consumption slowdown.

Earlier this month, India's largest beer maker United Breweries UBBW.NS reported a rise in fourth quarter profit helped by lower costs, while its volume rose 5% driven by strong growth in the premium segment.

PEER COMPARISON

* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

JANUARY TO MARCH STOCK PERFORMANCE

--All data from LSEG

--$1 = 85.5490 Indian rupees

(Reporting by Nishit Navin; Editing by Leroy Leo)

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March 27 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS LTD - 532432 - BOARD MEETING OUTCOME FOR OUTCOME OF BOARD MEETING IN ACCORDANCE WITH THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 - INTERIM DIVIDEND

• UNITED SPIRITS - DIVIDEND OF 4 RUPEES PER SHARE

Source text: ID:nBSE3dZYLy

Further company coverage: UNSP.NS

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** Shares of liquor company United Spirits UNSP.NS climb 3.1% to 1,420.05 rupees

** Citi Research upgrades stock to "buy" rating from "hold"

** Retains 1,650 rupees target price, implying an upside of about 20%

** Says risk-reward has turned favourable for UNSP due to sharp fall in share price so far in 2025, scale-up in Andhra Pradesh, stable growth trends, policy tailwinds in Uttar Pradesh, premiumization shift

** UNSP is likely to see double-digit revenue growth over fiscal years 2024-2027 due to its positioning in organized liquor market, rising disposable incomes - Citi

** Stock down about 15% YTD, underperforming 7% fall in consumer index .NIFTYFMCG - exchange data

** The average rating of 20 analysts tracking UNSP is "buy"; median target price is at 1,634 rupees - data compiled by LSEG

(Reporting by Bharath Rajeswaran in Bengaluru)

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Feb 5 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS LTD - TO CLOSE HYDERABAD FACTORY OPERATIONS

• UNITED SPIRITS LTD - UNIT CLOSURE PART OF SUPPLY CHAIN AGILITY PROGRAM APPROVED IN JAN 2023

• UNITED SPIRITS LTD - ESTIMATED CLOSURE OF FACTORY OPERATIONS AT UNIT IS JULY 31, 2025

Source text: ID:nNSE4VNd6S

Further company coverage: UNSP.NS

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Feb 4 (Reuters) - United Spirits Ltd UNSP.NS:

• RECEIVES TAX ASSESSMENT ORDER FOR FY 2014-15

• REVISED ORDER INCREASES TAX DEMAND BY 1.47 BILLION RUPEES

Source text: ID:nNSE7SgdwW

Further company coverage: UNSP.NS

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Jan 23 (Reuters) - United Spirits UNSP.NS is "cautiously optimistic" about India's consumption trends in the short-term, the liquor company said on Thursday, after festive demand and resumption of sales in Andhra Pradesh state helped it beat analysts' estimates for third-quarter profit.

Profit for the October-December quarter jumped 36% on-year to 4.73 billion rupees ($54.8 million), beating analysts' average estimate of 4.05 billion rupees, according to estimates compiled by LSEG. The company also posted an 11% rise in revenue for the quarter.

"Looking ahead, we remain cautiously optimistic in the short-term...," said CEO Hina Nagarajan. Her comments come as urban consumption in the world's most populous country shows signs of slowing.

United Spirits, the Indian arm of Johnnie Walker whisky-maker Diageo DGE.L, also named V.K. Viswanathan as its chairperson, succeeding Mahendra Kumar Sharma. The change will be effective April 1, which is also when HT Media boss Praveen Someshwar replaces Nagarajan as the company's CEO.

For further results highlights, click (Full Story).

KEY CONTEXT

United Spirits saw strong demand in a quarter which encompassed the Hindu festivals of Dussehra and Diwali as well as Christmas and New Year's Eve.

Sales also resumed in the southern state of Andhra Pradesh in the third quarter after a gap of five years, following the government's new liquor policy which allowed private retailers to sell spirits across the state.

United Spirits has focused on more premium product in its portfolio in the past few quarters, which has shielded the company from India's inflation-led consumption slowdown to an extent and boosted its bottom line.

PEER COMPARISON

* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

OCTOBER TO DECEMBER STOCK PERFORMANCE

-- All data from LSEG IBES

-- $1 = 86.3840 Indian rupees

(Reporting by Hritam Mukherjee and Ananta Agarwal in Bengaluru; Editing by Leroy Leo)

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** United Spirits UNSP.NS, British alcohol maker Diageo's Indian arm, falls 4.77% to 1,412.90 rupees; set for biggest one-day pct drop in 14 months

** Hina Nagarajan resigns as CEO to take another role in Diageo; HT Media HTML.NS boss Praveen Someshwar to replace Nagarajan

** Macquarie maintains "underperform" post CEO change; says smooth transition key to ensure no hurdles in "growth journey"

** UNSP climbed ~160% since April 2021, when Nagarajan took the top job, with premium-end alcohol growth booming in her tenure

** Stock extends 12-month loss to ~13%

(Reporting by Ananta Agarwal in Bengaluru)

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Removes reference to Someshwar joining global executive committee in paragraph 2

Jan 13 (Reuters) - United Spirits UNSP.NS, the Indian arm of liquor company Diageo DGE.L, said on Monday that HT Media boss Praveen Someshwar will replace Hina Nagarajan as its chief executive, effective April 1.

Nagarajan will move to a role on Diageo's global executive committee as part of the transition, the company said.

The leadership change comes after India's Central Bureau of Investigation (CBI) alleged last week that Diageo, which owns about 56% of United Spirits, made a suspicious payment to an Indian lawmaker to get favourable decisions.

Someshwar has been CEO of HT Media HTML.NS, the owner of the Hindustan Times national daily, for five years. Prior to that, he worked with PepsiCo PEP.O for 24 years, where he held a number of roles in various divisions ranging from finance to management.

UK-based Diageo has been the subject of investigation by Indian authorities, following a 2018 probe into investment approvals.

Separately, Nagarajan was summoned last year as a witness by New Delhi's anti-corruption police investigating billing and discount practices involving government agencies running liquor retail shops between 2017 and 2020.

She did not appear before the police but Diageo, through company representatives, submitted many documents that were linked to the three-year period, Reuters reported last August.

Nagarajan joined the company as CEO designate in April 2021, and took over as managing director and chief executive two months later.

(Reporting by Ananta Agarwal in Bengaluru; Editing by Eileen Soreng and Anil D'Silva)

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Adds Diageo declining to comment in paragraph 6

By Arpan Chaturvedi

NEW DELHI, Jan 10 (Reuters) - India's federal investigating agency has alleged that Diageo DGE.L and Sequoia Capital made suspicious payments to a politician's firm in an attempt to attain favourable government decisions, a document reviewed by Reuters on Friday showed.

The Central Bureau of Investigation (CBI) alleges that Diageo Scotland made a suspicious transfer to Congress Party lawmaker Karti Chidambaram's firm after a 2005 ban on the sale of its duty-free products hit Johnnie Walker whisky sales.

The agency said in the case document on its website that an investigation showed a payment of $15,000 to Chidambaram's firm was intended to influence public servants to lift the ban, rather than for consultancy work as it was described.

"In order to lift the ban, Diageo Scotland approached Karti P Chidambaram," the agency said in the document, which is part of its formal case registered against Diageo and Sequoia, after an investigation launched in 2018 into investment approvals.

It did not say when the alleged payment by Diageo was made.

Diageo declined to comment on the CBI's allegation while a spokesperson for United Spirits, the Indian business in which the British drinks giant owns a stake of about 56%, also declined to comment.

U.S. venture capital group Sequoia did not immediately respond to a request for comment.

Chidambaram, who is a member of India's lower house of parliament, filed an application before a New Delhi court on Friday denying the CBI allegations and said he was "neither a shareholder nor Director" of the firm in question.

The case "is mala fide and is borne out of political vendetta," his court filing said.

Reuters was unable to contact Chidambaram, who is the son of former finance minister P Chidambaram and a lower house member of parliament representing India's main opposition party.

The CBI said Diageo suffered a huge loss from the 2005 embargo on its products by the India Tourism Development Corp, a firm majority-owned by the government that had a monopoly on sales of imported duty-free liquor.

The case presents a new challenge for Diageo after anti-graft police launched an investigation last year into billing and discount practices in the capital, New Delhi.

The company has said it is cooperating with that agency.

Separately, the CBI case document alleges the Mauritius unit of Sequoia Capital made suspicious transactions with the firm of Chidambaram, who was in a position to influence public servants to secure approval for an Indian investment in 2008.

Sequoia's proposal, the CBI said, was approved in November by P Chidambaram, who was finance minister at the time. In response to a text message from Reuters, P Chidambaram, also a Congress party politician, said he had no comment.

The CBI document does not name the former finance minister as one of those accused.

A detailed investigation will look for any violations of India's criminal law, including its anti-graft law that sets penalties for bribes to public servants, the CBI said.

Punishments can involve jail terms of up to seven years, and unspecified fines.

(Reporting by Arpan Chaturvedi; Editing by Aditya Kalra, Clarence Fernandez and Alexander Smith)

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Jan 8 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS - GOT TOTAL DEMAND TAX ORDER FOR 11.3 MILLION RUPEES

Source text: ID:nBSE1m1M30

Further company coverage: UNSP.NS

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Nov 14 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS - TAX ORDER FOR PENALTY AT 319.2 MILLION RUPEES IS DELETED

Source text: ID:nNSE4Wwn4J

Further company coverage: UNSP.NS

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Oct 23 (Reuters) - United Spirits Ltd UNSP.NS:

• UNITED SPIRITS Q2 PROFIT 3.35 BILLION RUPEES; IBES EST. 3.39 BILLION RUPEES

• UNITED SPIRITS Q2 REVENUE FROM OPERATIONS 66.71 BILLION RUPEES

Source text for Eikon: ID:nnAZN2HQK6L

Further company coverage: UNSP.NS

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