United Spirits
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United Spirits received an FSSAI order dated 20 August revoking the regulator’s 29 July order concerning identified whisky products made at a third-party manufacturing unit in Madhya Pradesh. The revocation order arrived at about 11:50pm IST and had no material operational or financial impact on the business. United Spirits’ FY26 net sales were ₹12,467 crore, with its premium-and-above portfolio contributing more than 90% of sales. Its FY26 EBITDA margin was 18.4%.
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United Spirits received an FSSAI order dated 20 August revoking the regulator’s 29 July order concerning identified whisky products made at a third-party manufacturing unit in Madhya Pradesh. The revocation order arrived at about 11:50pm IST and had no material operational or financial impact on the business. United Spirits’ FY26 net sales were ₹12,467 crore, with its premium-and-above portfolio contributing more than 90% of sales. Its FY26 EBITDA margin was 18.4%.
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Aug 21 (Reuters) - United Spirits Limited UNSP.NS:
FSSAI ISSUED ORDER DATED AUGUST 20, REVOKING THE ORDER DATED JULY 29
FSSAI REVOKED ORDER IN RELATION TO SALE OF WHISKY PRODUCTS OF CO PRODUCED AT THIRD-PARTY UNIT IN MADHYA PRADESH
Source text: ID:nNSE5F1btm
Further company coverage: UNSP.NS
(([email protected];;))
Aug 21 (Reuters) - United Spirits Limited UNSP.NS:
FSSAI ISSUED ORDER DATED AUGUST 20, REVOKING THE ORDER DATED JULY 29
FSSAI REVOKED ORDER IN RELATION TO SALE OF WHISKY PRODUCTS OF CO PRODUCED AT THIRD-PARTY UNIT IN MADHYA PRADESH
Source text: ID:nNSE5F1btm
Further company coverage: UNSP.NS
(([email protected];;))
FSSAI revoked its 29 June 2026 order concerning the sale of a product manufactured at United Spirits' Baramati unit. The revocation order was dated 17 August and reached the company on 18 August at about 12:40pm IST; United Spirits said it had no material operational or financial impact. The company had challenged the original order in the Bombay High Court, where the writ petition remained pending. FSSAI had separately issued an order concerning product labels at a third-party manufacturing unit in Madhya Pradesh in July. United Spirits' FY26 net sales were ₹12,467 crore, with an EBITDA margin of 18.4%.
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FSSAI revoked its 29 June 2026 order concerning the sale of a product manufactured at United Spirits' Baramati unit. The revocation order was dated 17 August and reached the company on 18 August at about 12:40pm IST; United Spirits said it had no material operational or financial impact. The company had challenged the original order in the Bombay High Court, where the writ petition remained pending. FSSAI had separately issued an order concerning product labels at a third-party manufacturing unit in Madhya Pradesh in July. United Spirits' FY26 net sales were ₹12,467 crore, with an EBITDA margin of 18.4%.
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Aug 19 (Reuters) - United Spirits Limited UNSP.NS:
FSSAI HAS ISSUED AN ORDER DATED AUGUST 17 REVOKING ORDER DATED JUNE 29
FSSAI REVOKED ORDER IN RELATION TO SALE OF ONE OF PRODUCTS MANUFACTURED AT BARAMATI UNIT
Source text: ID:nBSE416sS3
Further company coverage: UNSP.NS
(([email protected];;))
Aug 19 (Reuters) - United Spirits Limited UNSP.NS:
FSSAI HAS ISSUED AN ORDER DATED AUGUST 17 REVOKING ORDER DATED JUNE 29
FSSAI REVOKED ORDER IN RELATION TO SALE OF ONE OF PRODUCTS MANUFACTURED AT BARAMATI UNIT
Source text: ID:nBSE416sS3
Further company coverage: UNSP.NS
(([email protected];;))
By Aditya Kalra
NEW DELHI, Aug 17 (Reuters) - Diageo DGE.L has agreed to reformulate some of its most popular whisky and rum drinks in India, two government sources told Reuters, after the country's food safety regulator banned them in some states for adding flavours that breached regulations.
The food regulator will agree to drop its ban on this understanding, the sources said on Monday, in what is one of the world's largest spirits drink markets.
Diageo's India unit, United Spirits UNSP.NS, and the Food Safety and Standards Authority of India did not immediately respond to requests for comment.
Reuters is first to report the decision.
In India's biggest food safety crackdown in years, the regulator shocked the $40 billion industry early this month by banning several whisky and rum brands of Diageo and some other Indian companies, alleging mislabelling and improper addition of flavours - like rum flavour in rum. Diageo, which has dubbed India its "consumer market of the decade", had said it complies with the law.
The whisky ban covered Diageo's hugely popular Antiquity Blue and Royal Challenge whisky made in Madhya Pradesh state, and its McDowell's No. 1 Celebration Matured XXX Rum made in Maharashtra.
Diageo has agreed to reformulate its drinks to stop adding whisky flavour in whisky or rum flavour in rum, said the government sources, who declined to be named as the decision is private.
TOP-SELLING PRODUCT
The changes will be required to these brands made anywhere in India, not only the states where they were restricted earlier, said the first government source.
Domestically made Royal Challenge is one of Diageo's top-selling products in India. Over 4.5 million nine-litre cases of Royal Challenge are sold every year in the country, Diageo says, calling it a product of the "mid prestige price segment".
The whisky's front label says: "A rich blend of Indian grain spirit & imported scotches, matured in American oak casks". Its back label says it contains "demineralised water, grain neutral spirit, Scotch. Contains permitted natural colour ... and added nature identical (whisky) flavouring substances".
The government sources said that while Diageo transitions to reformulation of its products, it has agreed to make clear via front-of-pack labels in the meantime to spell out clearly what flavouring has been added to the spirits.
Separately, Indian inspectors have seized around 18,000 boxes of Diageo liquor bottles for allegedly lacking markings to show they were made using safe recycled plastic, widening the scrutiny, Reuters reported last week.
(Reporting by Aditya Kalra; Editing by Susan Fenton)
((Email: [email protected]; X: @adityakalra;))
By Aditya Kalra
NEW DELHI, Aug 17 (Reuters) - Diageo DGE.L has agreed to reformulate some of its most popular whisky and rum drinks in India, two government sources told Reuters, after the country's food safety regulator banned them in some states for adding flavours that breached regulations.
The food regulator will agree to drop its ban on this understanding, the sources said on Monday, in what is one of the world's largest spirits drink markets.
Diageo's India unit, United Spirits UNSP.NS, and the Food Safety and Standards Authority of India did not immediately respond to requests for comment.
Reuters is first to report the decision.
In India's biggest food safety crackdown in years, the regulator shocked the $40 billion industry early this month by banning several whisky and rum brands of Diageo and some other Indian companies, alleging mislabelling and improper addition of flavours - like rum flavour in rum. Diageo, which has dubbed India its "consumer market of the decade", had said it complies with the law.
The whisky ban covered Diageo's hugely popular Antiquity Blue and Royal Challenge whisky made in Madhya Pradesh state, and its McDowell's No. 1 Celebration Matured XXX Rum made in Maharashtra.
Diageo has agreed to reformulate its drinks to stop adding whisky flavour in whisky or rum flavour in rum, said the government sources, who declined to be named as the decision is private.
TOP-SELLING PRODUCT
The changes will be required to these brands made anywhere in India, not only the states where they were restricted earlier, said the first government source.
Domestically made Royal Challenge is one of Diageo's top-selling products in India. Over 4.5 million nine-litre cases of Royal Challenge are sold every year in the country, Diageo says, calling it a product of the "mid prestige price segment".
The whisky's front label says: "A rich blend of Indian grain spirit & imported scotches, matured in American oak casks". Its back label says it contains "demineralised water, grain neutral spirit, Scotch. Contains permitted natural colour ... and added nature identical (whisky) flavouring substances".
The government sources said that while Diageo transitions to reformulation of its products, it has agreed to make clear via front-of-pack labels in the meantime to spell out clearly what flavouring has been added to the spirits.
Separately, Indian inspectors have seized around 18,000 boxes of Diageo liquor bottles for allegedly lacking markings to show they were made using safe recycled plastic, widening the scrutiny, Reuters reported last week.
(Reporting by Aditya Kalra; Editing by Susan Fenton)
((Email: [email protected]; X: @adityakalra;))
Indian alcohol industry spooked by regulatory crackdown
Diageo facing heat on mislabelling some rum, whisky brands
India's food safety body taking hard line on enforcement
Diageo has seen thousands of its bottles seized separately
By Aditya Kalra
NEW DELHI, Aug 11 (Reuters) - India's government prohibited a popular Diageo DGE.L rum for misbranding without following due process and just as the food safety regulator began consulting on the labelling rules at the heart of the issue, the company has argued in court.
In the biggest such food safety crackdown in years, the Indian regulator shocked the $40 billion industry by banning a number of whisky and rum brands made by Diageo and India's Inbrew in some states, alleging mislabelling and improper addition of artificial flavours.
While Diageo has told India's stock exchanges it has mounted a court challenge, its non-public filing for the first time details its arguments against restrictions placed on "McDowell's No. 1 Celebration Matured XXX Rum" made in Maharashtra, which the company publicly calls one of its top-selling products.
The Diageo India unit, United Spirits UNSP.NS, argued in court the food safety officer who issued the prohibition was not empowered by law to do so, and bypassed the adjudicatory process by using a food analyst's report to impose the stop-sale order.
Further, the Food Safety and Standards Authority of India (FSSAI) started consulting the industry on regulatory aspects of flavours labelling days after the prohibition order.
The "continued operation of the prohibition order, while the issues remained under active consideration by the FSSAI itself, was premature, disproportionate and commercially prejudicial," Diageo said in its August 1 court filing, seen by Reuters on Tuesday.
The FSSAI and Diageo did not immediately respond to Reuters queries. A government source disagreed with Diageo's position, and told Reuters the FSSAI was only discussing the matter with the industry at the request of alcohol companies.
Online court records show the challenge was briefly heard on Monday in Mumbai's High Court, but the judge denied any immediate relief and asked the federal government to respond by August 19.
Ingredients on the McDowell's bottle said it contained artificial flavour (rum), but FSSAI argued that "flavor of rum should be characteristic based on the natural ingredients, fermentation processes, and maturation techniques," according to the regulator's prohibition order contained in court papers.
Separately, Indian inspectors last week seized around 18,000 boxes of Diageo liquor bottles for allegedly lacking markings to show they were made using safe recycled plastic, widening the scrutiny, Reuters reported on Monday.
Diageo, which has dubbed India its "consumer market of the decade", has said it complies with the law.
(Reporting by Aditya Kalra
Editing by Keith Weir)
((Email: [email protected]; X: @adityakalra;))
Indian alcohol industry spooked by regulatory crackdown
Diageo facing heat on mislabelling some rum, whisky brands
India's food safety body taking hard line on enforcement
Diageo has seen thousands of its bottles seized separately
By Aditya Kalra
NEW DELHI, Aug 11 (Reuters) - India's government prohibited a popular Diageo DGE.L rum for misbranding without following due process and just as the food safety regulator began consulting on the labelling rules at the heart of the issue, the company has argued in court.
In the biggest such food safety crackdown in years, the Indian regulator shocked the $40 billion industry by banning a number of whisky and rum brands made by Diageo and India's Inbrew in some states, alleging mislabelling and improper addition of artificial flavours.
While Diageo has told India's stock exchanges it has mounted a court challenge, its non-public filing for the first time details its arguments against restrictions placed on "McDowell's No. 1 Celebration Matured XXX Rum" made in Maharashtra, which the company publicly calls one of its top-selling products.
The Diageo India unit, United Spirits UNSP.NS, argued in court the food safety officer who issued the prohibition was not empowered by law to do so, and bypassed the adjudicatory process by using a food analyst's report to impose the stop-sale order.
Further, the Food Safety and Standards Authority of India (FSSAI) started consulting the industry on regulatory aspects of flavours labelling days after the prohibition order.
The "continued operation of the prohibition order, while the issues remained under active consideration by the FSSAI itself, was premature, disproportionate and commercially prejudicial," Diageo said in its August 1 court filing, seen by Reuters on Tuesday.
The FSSAI and Diageo did not immediately respond to Reuters queries. A government source disagreed with Diageo's position, and told Reuters the FSSAI was only discussing the matter with the industry at the request of alcohol companies.
Online court records show the challenge was briefly heard on Monday in Mumbai's High Court, but the judge denied any immediate relief and asked the federal government to respond by August 19.
Ingredients on the McDowell's bottle said it contained artificial flavour (rum), but FSSAI argued that "flavor of rum should be characteristic based on the natural ingredients, fermentation processes, and maturation techniques," according to the regulator's prohibition order contained in court papers.
Separately, Indian inspectors last week seized around 18,000 boxes of Diageo liquor bottles for allegedly lacking markings to show they were made using safe recycled plastic, widening the scrutiny, Reuters reported on Monday.
Diageo, which has dubbed India its "consumer market of the decade", has said it complies with the law.
(Reporting by Aditya Kalra
Editing by Keith Weir)
((Email: [email protected]; X: @adityakalra;))
Diageo, other companies under pressure from India regulator
India regulator concerned about misleading labels, flavouring
Scrutiny has hit India's $40 billion alcohol industry
By Aditya Kalra
NEW DELHI, Aug 8 (Reuters) - India's food safety regulator warned liquor giant Diageo DGE.L that it misleadingly claimed one of its top-selling whiskies was "matured in American oak casks", when most of the product had not been matured, a confidential government notice shows.
The previously unreported July 20 notice from the Food Safety and Standards Authority of India, reviewed by Reuters, reveals another complaint by the regulator, in addition to an assertion of improper flavouring that prompted the authorities to ban some spirits this month.
The FSSAI announced on Sunday it had prohibited sales of Diageo's Royal Challenge Whisky made in the state of Madhya Pradesh and some whisky and rum brands made in some Indian states by Diageo and India's Inbrew for using artificial flavouring, such as whisky and rum flavours, rather than proper ageing and ingredients.
The industry says it complies with the law.
REGULATORY CRACKDOWN
The FSSAI did not respond to Reuters queries on the assertions about maturing. Diageo India, the commonly used name for the local unit United Spirits UNSP.NS, told Reuters on Saturday it remains committed to the highest quality standards and was "actively engaging with FSSAI to address their queries on labelling".
The crackdown on India's $40 billion alcohol industry, which has triggered some legal challenges, comes as the regulator increases its scrutiny of liquor companies, energy drink makers like PepsiCo and food producers over what it contends are incorrect labelling and weak compliance.
The FSSAI told Diageo in its July 20 notice that the whisky's label says it is "matured in American oak casks", but "your product has a grain neutral spirit as second ingredient after demineralized water, and major portion is non-matured spirit."
"The complete alcohol is not matured in wood cask as claimed on the label, and therefore misleading the consumer," it said. "Any claim regarding age of the spirit used in the product must refer to the youngest spirit used in the mix, not the oldest."
United Spirits told stock exchanges this week it anticipated no financial implications from the ban but it was closely monitoring the matter.
The whisky ban covers Diageo's Antiquity Blue Whisky and Royal Challenge made in Madhya Pradesh, as well as Inbrew's Bagpiper Deluxe Whisky and Old Cask Deluxe XXX Rum, produced in the same state.
Domestically made Royal Challenge is one of Diageo's top-selling products in India. Over 4.5 million nine-litre cases of Royal Challenge are sold every year in India, Diageo says, calling it a product of the "mid prestige price segment".
Alcohol pricing differs in each Indian state, but in Uttar Pradesh, a 375-millilitre (13-ounce) bottle of the Royal Challenge whisky costs 360 Indian rupees ($3.80).
The whisky's front label says: "A rich blend of Indian grain spirit & imported scotches, matured in American oak casks". Its back label says it contains "demineralised water, grain neutral spirit, Scotch. Contains permitted natural colour ... and added nature identical (whisky) flavouring substances".
The FSSAI notice said Diageo's mention of "Scotch" is also vague and "does not inform its true characteristics", and the company must mention what "Scotch" is used.
(Reporting by Aditya Kalra; Editing by William Mallard)
((Email: [email protected]; X: @adityakalra;))
Diageo, other companies under pressure from India regulator
India regulator concerned about misleading labels, flavouring
Scrutiny has hit India's $40 billion alcohol industry
By Aditya Kalra
NEW DELHI, Aug 8 (Reuters) - India's food safety regulator warned liquor giant Diageo DGE.L that it misleadingly claimed one of its top-selling whiskies was "matured in American oak casks", when most of the product had not been matured, a confidential government notice shows.
The previously unreported July 20 notice from the Food Safety and Standards Authority of India, reviewed by Reuters, reveals another complaint by the regulator, in addition to an assertion of improper flavouring that prompted the authorities to ban some spirits this month.
The FSSAI announced on Sunday it had prohibited sales of Diageo's Royal Challenge Whisky made in the state of Madhya Pradesh and some whisky and rum brands made in some Indian states by Diageo and India's Inbrew for using artificial flavouring, such as whisky and rum flavours, rather than proper ageing and ingredients.
The industry says it complies with the law.
REGULATORY CRACKDOWN
The FSSAI did not respond to Reuters queries on the assertions about maturing. Diageo India, the commonly used name for the local unit United Spirits UNSP.NS, told Reuters on Saturday it remains committed to the highest quality standards and was "actively engaging with FSSAI to address their queries on labelling".
The crackdown on India's $40 billion alcohol industry, which has triggered some legal challenges, comes as the regulator increases its scrutiny of liquor companies, energy drink makers like PepsiCo and food producers over what it contends are incorrect labelling and weak compliance.
The FSSAI told Diageo in its July 20 notice that the whisky's label says it is "matured in American oak casks", but "your product has a grain neutral spirit as second ingredient after demineralized water, and major portion is non-matured spirit."
"The complete alcohol is not matured in wood cask as claimed on the label, and therefore misleading the consumer," it said. "Any claim regarding age of the spirit used in the product must refer to the youngest spirit used in the mix, not the oldest."
United Spirits told stock exchanges this week it anticipated no financial implications from the ban but it was closely monitoring the matter.
The whisky ban covers Diageo's Antiquity Blue Whisky and Royal Challenge made in Madhya Pradesh, as well as Inbrew's Bagpiper Deluxe Whisky and Old Cask Deluxe XXX Rum, produced in the same state.
Domestically made Royal Challenge is one of Diageo's top-selling products in India. Over 4.5 million nine-litre cases of Royal Challenge are sold every year in India, Diageo says, calling it a product of the "mid prestige price segment".
Alcohol pricing differs in each Indian state, but in Uttar Pradesh, a 375-millilitre (13-ounce) bottle of the Royal Challenge whisky costs 360 Indian rupees ($3.80).
The whisky's front label says: "A rich blend of Indian grain spirit & imported scotches, matured in American oak casks". Its back label says it contains "demineralised water, grain neutral spirit, Scotch. Contains permitted natural colour ... and added nature identical (whisky) flavouring substances".
The FSSAI notice said Diageo's mention of "Scotch" is also vague and "does not inform its true characteristics", and the company must mention what "Scotch" is used.
(Reporting by Aditya Kalra; Editing by William Mallard)
((Email: [email protected]; X: @adityakalra;))
Aug 7 (Reuters) - Dabur India DABU.NS said on Friday that the Delhi High Court has stayed an order issued by the food safety regulator that barred the consumer goods company from selling food products carrying "100%" claims, granting it interim relief.
Here are some details:
On August 3, the Food Safety and Standards Authority of India (FSSAI) said products sold on Dabur's website claimed some of its products were "100% Natural", "100% Pure" and "100% Organic", which were ambiguous, unverifiable and likely to mislead consumers.
The order comes as the food regulator steps up scrutiny of marketing and labelling practices in categories including alcoholic beverages and high-caffeine drinks.
(Reporting by Mridula Kumar in Bengaluru; Editing by Sonia Cheema)
Aug 7 (Reuters) - Dabur India DABU.NS said on Friday that the Delhi High Court has stayed an order issued by the food safety regulator that barred the consumer goods company from selling food products carrying "100%" claims, granting it interim relief.
Here are some details:
On August 3, the Food Safety and Standards Authority of India (FSSAI) said products sold on Dabur's website claimed some of its products were "100% Natural", "100% Pure" and "100% Organic", which were ambiguous, unverifiable and likely to mislead consumers.
The order comes as the food regulator steps up scrutiny of marketing and labelling practices in categories including alcoholic beverages and high-caffeine drinks.
(Reporting by Mridula Kumar in Bengaluru; Editing by Sonia Cheema)
Aug 5 (Reuters) - United Spirits Limited UNSP.NS:
UNITED SPIRITS - ORDER ON THE GROUND THAT THE PRODUCT LABELS ARE NOT IN CONFORMANCE WITH THE PROVISIONS OF FSSA
UNITED SPIRITS - ORDER ISSUED BY FSSAI IN RELATION TO SALE OF IDENTIFIED WHISKY PRODUCTS OF CO PRODUCED AT THIRD-PARTY UNIT IN MADHYA PRADESH
UNITED SPIRITS- NO MATERIAL OPERATIONAL OR FINANCIAL IMPLICATIONS BECAUSE OF ORDER
Source text: [ID:]
Further company coverage: UNSP.NS
(([email protected];))
Aug 5 (Reuters) - United Spirits Limited UNSP.NS:
UNITED SPIRITS - ORDER ON THE GROUND THAT THE PRODUCT LABELS ARE NOT IN CONFORMANCE WITH THE PROVISIONS OF FSSA
UNITED SPIRITS - ORDER ISSUED BY FSSAI IN RELATION TO SALE OF IDENTIFIED WHISKY PRODUCTS OF CO PRODUCED AT THIRD-PARTY UNIT IN MADHYA PRADESH
UNITED SPIRITS- NO MATERIAL OPERATIONAL OR FINANCIAL IMPLICATIONS BECAUSE OF ORDER
Source text: [ID:]
Further company coverage: UNSP.NS
(([email protected];))
Indian regulator concerned about flavours added to some rum, whiskies
Industry sources say companies concerned about regulator's order
India is among the world's biggest alcohol markets
Adds Diageo India comment paragraphs 8-10
By Aditya Kalra
NEW DELHI, Aug 3 (Reuters) - India's food safety regulator has barred the sale of some popular whiskies and rum made by Diageo's India unit and India's Inbrew Beverages for using artificial flavouring instead of proper ageing and ingredients to achieve their taste and aroma.
India is one of the world's biggest alcohol markets, with total annual sales estimated at $40 billion. Diageo DGE.L is the nation's biggest alcohol company by market share, with its popular brands competing with the likes of Pernod Ricard.
The locally made spirits subject to the regulator's bans are more affordable than imported rum and whisky.
The Food Safety and Standards Authority of India (FSSAI) said it allows the use of natural flavouring substances in alcoholic drinks, but its tests found that some Diageo and Inbrew factories were adding flavours of the alcoholic beverage itself, like adding rum flavour to rum.
BYPASSING NATURAL PROCESSES AND FLAVOURINGS
"There is no internationally recognized manufacturing practice whereby rum flavour is added to rum or whisky flavour is added to whisky," the FSSAI said in a statement late on Sunday.
Such flavours would allow companies to bypass maturation or the use of natural ingredients such as molasses, malt, or grapes, FSSAI added.
The FSSAI said it has ordered a ban on sales from Diageo's Indian subsidiary, including popular brands such as Antiquity Blue Whisky and Royal Challenge Whisky, made in Madhya Pradesh state, and McDowell’s No 1 Rum made in western Maharashtra.
In a stock exchange filing referring to FSSAI's concerns about its rum product, Diageo India unit United Spirits UNSP.NS said it is taking up the matter with the FSSAI as "this is an industry wide concern", adding: "the product labels in question are in compliance with the current applicable laws and regulations".
It has also filed a court case challenging FSSAI's order on its rum, Diageo added, without elaborating.
A source with direct knowledge of the matter said Diageo is also likely to separately challenge the directives on its whisky products.
OLD RUM BRANDS, POPULAR WHISKIES
The FSSAI also banned sales of Inbrew's Bagpiper Deluxe Whisky and Old Cask Deluxe XXX Rum, produced in Madhya Pradesh, and sales of three popular variants of Old Monk – one of India's best-known and oldest rum brands – made by Mohan Rocky Springwater in Maharashtra.
Inbrew and Mohan Rocky Springwater did not respond to requests for comment.
Royal Challenge Whisky is one of Diageo's most popular products in India, described on its website as "a perfect fusion of scotch, Indian malts and grain spirits that’s been blended to perfection." Over 4.5 million nine-litre cases of Royal Challenge are sold every year in India, Diageo says.
Alcohol pricing differs in each Indian state, but in Uttar Pradesh, a 375 millilitre bottle of the Royal Challenge whisky costs just 360 Indian rupees ($3.78).
A Reuters review of its product label said it contained water, grain neutral spirit, scotch with "permitted natural colour", as well as "nature identical (whisky) flavouring substances".
'SUB-STANDARD' PRODUCTS
The FSSAI tests found the products investigated were "sub-standard due to the presence of external artificial or nature identical flavours in the product", the regulator said.
Two senior industry executives said the companies were concerned about the order, and they believed the addition of flavours was in line with Indian regulations. They declined to be named as the matter is sensitive.
It was not clear if the ban extended to the same brands being produced in the companies' other factories, or only in a few states. The FSSAI did not respond to Reuters queries.
The FSSAI's action comes as the regulator tightens scrutiny of the food and beverage sector.
It has ordered makers of high-caffeine beverages sold as "energy drinks" to stop using that description, rejecting efforts by the likes of Pepsi PEP.O and Red Bull to stall the regulatory intervention, Reuters reported last week.
(Reporting by Aditya Kalra; Additional reporting by Saurabh Sharm; Editing by Jamie Freed, Kirsten Donovan)
Indian regulator concerned about flavours added to some rum, whiskies
Industry sources say companies concerned about regulator's order
India is among the world's biggest alcohol markets
Adds Diageo India comment paragraphs 8-10
By Aditya Kalra
NEW DELHI, Aug 3 (Reuters) - India's food safety regulator has barred the sale of some popular whiskies and rum made by Diageo's India unit and India's Inbrew Beverages for using artificial flavouring instead of proper ageing and ingredients to achieve their taste and aroma.
India is one of the world's biggest alcohol markets, with total annual sales estimated at $40 billion. Diageo DGE.L is the nation's biggest alcohol company by market share, with its popular brands competing with the likes of Pernod Ricard.
The locally made spirits subject to the regulator's bans are more affordable than imported rum and whisky.
The Food Safety and Standards Authority of India (FSSAI) said it allows the use of natural flavouring substances in alcoholic drinks, but its tests found that some Diageo and Inbrew factories were adding flavours of the alcoholic beverage itself, like adding rum flavour to rum.
BYPASSING NATURAL PROCESSES AND FLAVOURINGS
"There is no internationally recognized manufacturing practice whereby rum flavour is added to rum or whisky flavour is added to whisky," the FSSAI said in a statement late on Sunday.
Such flavours would allow companies to bypass maturation or the use of natural ingredients such as molasses, malt, or grapes, FSSAI added.
The FSSAI said it has ordered a ban on sales from Diageo's Indian subsidiary, including popular brands such as Antiquity Blue Whisky and Royal Challenge Whisky, made in Madhya Pradesh state, and McDowell’s No 1 Rum made in western Maharashtra.
In a stock exchange filing referring to FSSAI's concerns about its rum product, Diageo India unit United Spirits UNSP.NS said it is taking up the matter with the FSSAI as "this is an industry wide concern", adding: "the product labels in question are in compliance with the current applicable laws and regulations".
It has also filed a court case challenging FSSAI's order on its rum, Diageo added, without elaborating.
A source with direct knowledge of the matter said Diageo is also likely to separately challenge the directives on its whisky products.
OLD RUM BRANDS, POPULAR WHISKIES
The FSSAI also banned sales of Inbrew's Bagpiper Deluxe Whisky and Old Cask Deluxe XXX Rum, produced in Madhya Pradesh, and sales of three popular variants of Old Monk – one of India's best-known and oldest rum brands – made by Mohan Rocky Springwater in Maharashtra.
Inbrew and Mohan Rocky Springwater did not respond to requests for comment.
Royal Challenge Whisky is one of Diageo's most popular products in India, described on its website as "a perfect fusion of scotch, Indian malts and grain spirits that’s been blended to perfection." Over 4.5 million nine-litre cases of Royal Challenge are sold every year in India, Diageo says.
Alcohol pricing differs in each Indian state, but in Uttar Pradesh, a 375 millilitre bottle of the Royal Challenge whisky costs just 360 Indian rupees ($3.78).
A Reuters review of its product label said it contained water, grain neutral spirit, scotch with "permitted natural colour", as well as "nature identical (whisky) flavouring substances".
'SUB-STANDARD' PRODUCTS
The FSSAI tests found the products investigated were "sub-standard due to the presence of external artificial or nature identical flavours in the product", the regulator said.
Two senior industry executives said the companies were concerned about the order, and they believed the addition of flavours was in line with Indian regulations. They declined to be named as the matter is sensitive.
It was not clear if the ban extended to the same brands being produced in the companies' other factories, or only in a few states. The FSSAI did not respond to Reuters queries.
The FSSAI's action comes as the regulator tightens scrutiny of the food and beverage sector.
It has ordered makers of high-caffeine beverages sold as "energy drinks" to stop using that description, rejecting efforts by the likes of Pepsi PEP.O and Red Bull to stall the regulatory intervention, Reuters reported last week.
(Reporting by Aditya Kalra; Additional reporting by Saurabh Sharm; Editing by Jamie Freed, Kirsten Donovan)
Aug 2 (Reuters) - India's food safety regulator on Sunday barred the sale of certain whisky and rum products made by United Spirits UNSP.NS, Diageo's India unit, and Inbrew Beverages, saying tests found flavour additives that could mislead consumers.
Here are some details:
The Food Safety and Standards Authority of India said the affected products include Antiquity Blue Whisky and Royal Challenge Whisky made by United Spirits, located in India's Madhya Pradesh state, as well as Inbrew Beverages' Bagpiper Deluxe Whisky and Old Cask Deluxe XXX Rum produced in the state.
FSSAI said some manufacturers were adding external flavouring substances that recreated the characteristic aroma and taste of standard alcoholic beverages such as whisky and rum, instead of developing those attributes through raw materials and maturation.
United Spirits and Inbrew Beverages did not immediately respond to a Reuters request for comment outside regular business hours.
The regulator said two manufacturers that appealed against prohibition orders had been allowed to sell existing stock subject to revised front-of-pack disclosures.
(Reporting by Devika Nair in Bengaluru; Editing by Alex Richardson)
Aug 2 (Reuters) - India's food safety regulator on Sunday barred the sale of certain whisky and rum products made by United Spirits UNSP.NS, Diageo's India unit, and Inbrew Beverages, saying tests found flavour additives that could mislead consumers.
Here are some details:
The Food Safety and Standards Authority of India said the affected products include Antiquity Blue Whisky and Royal Challenge Whisky made by United Spirits, located in India's Madhya Pradesh state, as well as Inbrew Beverages' Bagpiper Deluxe Whisky and Old Cask Deluxe XXX Rum produced in the state.
FSSAI said some manufacturers were adding external flavouring substances that recreated the characteristic aroma and taste of standard alcoholic beverages such as whisky and rum, instead of developing those attributes through raw materials and maturation.
United Spirits and Inbrew Beverages did not immediately respond to a Reuters request for comment outside regular business hours.
The regulator said two manufacturers that appealed against prohibition orders had been allowed to sell existing stock subject to revised front-of-pack disclosures.
(Reporting by Devika Nair in Bengaluru; Editing by Alex Richardson)
** United Spirits' UNSP.NS shares rise 3.8% to 1,472 rupees, hitting their highest level in over a month
** Q1 revenue from operations up about 5%; Profit for the period rises 51.6%
** Brokerage Nomura raises its target price to 1,600 rupees from 1,500 rupees and reiterates its "buy" rating, expecting margins to stabilize in Q2 FY27 and improve thereafter as regulatory tailwinds take hold
** Nomura says excise policy change in Indian state of Karnataka creates a structural tailwind for premiumization as consumers will likely trade up and drive strong volume growth
** J.P. Morgan raises TP to 1,555 rupees from 1,510 rupees and maintains an "overweight" rating, saying near-term margin pressure from crude inflation should be offset by selective price hikes, UK FTA benefits and cost-saving measures
** Seventeen of 24 brokerages rate the stock "buy" or higher; their median PT is 1,560 rupees
** YTD, stock up 1.7%
(Reporting by Abhinav Parmar in Bengaluru)
(([email protected];))
** United Spirits' UNSP.NS shares rise 3.8% to 1,472 rupees, hitting their highest level in over a month
** Q1 revenue from operations up about 5%; Profit for the period rises 51.6%
** Brokerage Nomura raises its target price to 1,600 rupees from 1,500 rupees and reiterates its "buy" rating, expecting margins to stabilize in Q2 FY27 and improve thereafter as regulatory tailwinds take hold
** Nomura says excise policy change in Indian state of Karnataka creates a structural tailwind for premiumization as consumers will likely trade up and drive strong volume growth
** J.P. Morgan raises TP to 1,555 rupees from 1,510 rupees and maintains an "overweight" rating, saying near-term margin pressure from crude inflation should be offset by selective price hikes, UK FTA benefits and cost-saving measures
** Seventeen of 24 brokerages rate the stock "buy" or higher; their median PT is 1,560 rupees
** YTD, stock up 1.7%
(Reporting by Abhinav Parmar in Bengaluru)
(([email protected];))
** Shares of India's United Spirits UNSP.NS rise 1.8% to 1,430 rupees
** DIageo's DGE.L India unit reports 51.6% jump in Q1 profit year-on-year; revenue from operations up 5%
** Investec says earnings broadly constructive, with high margin "prestige and above" segment sustaining double-digit growth despite volume softness
** Stock rated "buy", on average, by 24 analysts; median PT is 1500 rupees - LSEG-compiled data
** Stock down 0.9% YTD
(Reporting by Payel Das in Bengaluru)
** Shares of India's United Spirits UNSP.NS rise 1.8% to 1,430 rupees
** DIageo's DGE.L India unit reports 51.6% jump in Q1 profit year-on-year; revenue from operations up 5%
** Investec says earnings broadly constructive, with high margin "prestige and above" segment sustaining double-digit growth despite volume softness
** Stock rated "buy", on average, by 24 analysts; median PT is 1500 rupees - LSEG-compiled data
** Stock down 0.9% YTD
(Reporting by Payel Das in Bengaluru)
July 22 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS - TO BUY 10.08% STAKE IN NUVOLA SPIRITS FOR 26.9 MILLION RUPEES
Source text: ID:nBSE4xj0Pk
Further company coverage: UNSP.NS
(([email protected];;))
July 22 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS - TO BUY 10.08% STAKE IN NUVOLA SPIRITS FOR 26.9 MILLION RUPEES
Source text: ID:nBSE4xj0Pk
Further company coverage: UNSP.NS
(([email protected];;))
July 8 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS - TO CEASE OPERATIONS AT ITS HYDERABAD MANUFACTURING UNIT
Source text: ID:nBSE1hysy9
Further company coverage: UNSP.NS
(([email protected];))
July 8 (Reuters) - United Spirits Ltd UNSP.NS:
UNITED SPIRITS - TO CEASE OPERATIONS AT ITS HYDERABAD MANUFACTURING UNIT
Source text: ID:nBSE1hysy9
Further company coverage: UNSP.NS
(([email protected];))
** Shares of United Spirits UNSP.NS rise as much as 4.9% to 1,335 rupees, highest intraday pct rise since March 6
** Diageo's DGE.L Indian unit posted Q4 profit surge of 27% y/y; rev rose 4.4% y/y
** CLSA ("hold", PT 1,238 rupees) says volume decline in Q4 below expectations; co attributes this to Maharashtra's new liquor policy introduced in August 2025
** Nomura ("buy", PT 1,650 rupees) says overall portfolio, excluding Maharashtra and Andhra Pradesh, grew by 8.5%; expects increased growth in medium term as regulations eased in states such as Karnataka, as well as India-UK FTA
** Stock down 7.5% YTD
(Reporting by Abhirami G in Bengaluru)
** Shares of United Spirits UNSP.NS rise as much as 4.9% to 1,335 rupees, highest intraday pct rise since March 6
** Diageo's DGE.L Indian unit posted Q4 profit surge of 27% y/y; rev rose 4.4% y/y
** CLSA ("hold", PT 1,238 rupees) says volume decline in Q4 below expectations; co attributes this to Maharashtra's new liquor policy introduced in August 2025
** Nomura ("buy", PT 1,650 rupees) says overall portfolio, excluding Maharashtra and Andhra Pradesh, grew by 8.5%; expects increased growth in medium term as regulations eased in states such as Karnataka, as well as India-UK FTA
** Stock down 7.5% YTD
(Reporting by Abhirami G in Bengaluru)
May 14 (Reuters) - United Spirits Ltd UNSP.NS:
RECOMMENDS FINAL DIVIDEND OF 11 RUPEES PER SHARE
Source text: ID:nBSE2SNN1Z
Further company coverage: UNSP.NS
(([email protected];;))
May 14 (Reuters) - United Spirits Ltd UNSP.NS:
RECOMMENDS FINAL DIVIDEND OF 11 RUPEES PER SHARE
Source text: ID:nBSE2SNN1Z
Further company coverage: UNSP.NS
(([email protected];;))
MUMBAI, May 12 (Reuters) - India's southern state of Tamil Nadu, one of biggest alcohol markets in the country, has ordered the closure of 717 state-run retail stores, roughly 15% of its outlets, citing public welfare.
Stores operated by the Tamil Nadu State Marketing Corporation which are located within 500 meters of places of worship, educational institutions and major bus terminals will need to shut down, the government said.
All alcohol retail stores in the state are operated by the government.
The decision was taken by Tamil Nadu's new chief minister, actor-turned-politician C. Joseph Vijay.
The closure process, framed as a public welfare initiative, is mandated to be completed within two weeks.
Liquor industry sources say Tamil Nadu's alcohol sales are dominated by local brands, though foreign companies such as Pernod Ricard PERP.PA and Diageo DGE.L do have a presence in the state.
The change in policy comes as the liquor industry is battling escalating costs from Iran war-linked disruptions and seeking price hikes.
Tamil Nadu is a key state for big foreign companies such as Apple AAPL.O supplier Foxconn.
(Reporting by Dhwani Pandya. Editing by Aditya Kalra and Mark Potter)
(([email protected];))
MUMBAI, May 12 (Reuters) - India's southern state of Tamil Nadu, one of biggest alcohol markets in the country, has ordered the closure of 717 state-run retail stores, roughly 15% of its outlets, citing public welfare.
Stores operated by the Tamil Nadu State Marketing Corporation which are located within 500 meters of places of worship, educational institutions and major bus terminals will need to shut down, the government said.
All alcohol retail stores in the state are operated by the government.
The decision was taken by Tamil Nadu's new chief minister, actor-turned-politician C. Joseph Vijay.
The closure process, framed as a public welfare initiative, is mandated to be completed within two weeks.
Liquor industry sources say Tamil Nadu's alcohol sales are dominated by local brands, though foreign companies such as Pernod Ricard PERP.PA and Diageo DGE.L do have a presence in the state.
The change in policy comes as the liquor industry is battling escalating costs from Iran war-linked disruptions and seeking price hikes.
Tamil Nadu is a key state for big foreign companies such as Apple AAPL.O supplier Foxconn.
(Reporting by Dhwani Pandya. Editing by Aditya Kalra and Mark Potter)
(([email protected];))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, March 25 (Reuters Breakingviews) - India's cricket mania may be hitting its limits. The $1.8 billion purchase of Royal Challengers Bengaluru by the Aditya Birla Group, David Blitzer's Bolt Ventures and Blackstone BX.N confirms Indian Premier League franchise valuations are rising faster than expectations for media rights. That's great for seller Diageo DGE.L. For the new owners, that leaves a lot riding on the league’s global ambitions.
The global distiller and beer giant inherited the team when it acquired control of United Spirits over a decade ago from beer baron Vijay Mallya, the poster child of India’s bad debt crisis. The deal values the Challengers at just under one-fifth of the listed Indian parent's market value. That's nearly three times what CVC Capital Partners CVC.AS paid to acquire a new team, the Gujarat Titans, in 2021, and more than double the mooted 75 billion rupee ($800 million) valuation the buyout fund secured last year when it sold a majority stake in the Titans to Torrent, an Indian conglomerate.
With team salary caps and absence of relegation risk, each of the league's 10 franchises theoretically have equal and fairly solid earnings power. That has attracted investors, like Blitzer who also owns stakes in teams in major U.S. sports leagues including the National Football League.
Merchandise sales are limited in India, however, so most IPL franchises generate roughly 70% of their revenue from media rights. That tightly ties the franchises' worth to the outcome of these auctions. Yet competition for streaming rights has shrunk after Mukesh Ambani's Reliance Industries RELI.NS, also the owner of the Mumbai Indians, bought a chunk of Walt Disney's DIS.N Indian business.
The value of media rights doubled from $3 billion to $6 billion between the 2018-2022 and 2023-2027 auctions. Media Partners Asia, a consultancy, estimates the value for the next five-year period will plateau in nominal terms at about $5.4 billion and represent a 13% decline on a per-match basis as the number of games played in the IPL's short season expands from 410 to 470 matches.
Blackstone and its partners will hope the Indian Premier League can build a bigger global audience in richer markets like the U.S. and United Arab Emirates. If the IPL's next media rights auction disappoints, however, cricket mania may well have hit a new unwelcome boundary.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
A consortium comprising Aditya Birla Group, Times Internet, Bolt Ventures, and Blackstone will acquire Indian Premier League franchise Royal Challengers Bengaluru for 166.6 billion rupees ($1.77 billion), United Spirits said on March 24. United Spirits is a unit of global drinks giant Diageo. It launched a strategic review of its 100% holding of the franchise in November, labelling the team "non-core" to its primary alcohol business.
IPL teams' toplines lean heavily on media rights https://www.reuters.com/graphics/BRV-BRV/lgpdgomqrvo/chart.png
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, March 25 (Reuters Breakingviews) - India's cricket mania may be hitting its limits. The $1.8 billion purchase of Royal Challengers Bengaluru by the Aditya Birla Group, David Blitzer's Bolt Ventures and Blackstone BX.N confirms Indian Premier League franchise valuations are rising faster than expectations for media rights. That's great for seller Diageo DGE.L. For the new owners, that leaves a lot riding on the league’s global ambitions.
The global distiller and beer giant inherited the team when it acquired control of United Spirits over a decade ago from beer baron Vijay Mallya, the poster child of India’s bad debt crisis. The deal values the Challengers at just under one-fifth of the listed Indian parent's market value. That's nearly three times what CVC Capital Partners CVC.AS paid to acquire a new team, the Gujarat Titans, in 2021, and more than double the mooted 75 billion rupee ($800 million) valuation the buyout fund secured last year when it sold a majority stake in the Titans to Torrent, an Indian conglomerate.
With team salary caps and absence of relegation risk, each of the league's 10 franchises theoretically have equal and fairly solid earnings power. That has attracted investors, like Blitzer who also owns stakes in teams in major U.S. sports leagues including the National Football League.
Merchandise sales are limited in India, however, so most IPL franchises generate roughly 70% of their revenue from media rights. That tightly ties the franchises' worth to the outcome of these auctions. Yet competition for streaming rights has shrunk after Mukesh Ambani's Reliance Industries RELI.NS, also the owner of the Mumbai Indians, bought a chunk of Walt Disney's DIS.N Indian business.
The value of media rights doubled from $3 billion to $6 billion between the 2018-2022 and 2023-2027 auctions. Media Partners Asia, a consultancy, estimates the value for the next five-year period will plateau in nominal terms at about $5.4 billion and represent a 13% decline on a per-match basis as the number of games played in the IPL's short season expands from 410 to 470 matches.
Blackstone and its partners will hope the Indian Premier League can build a bigger global audience in richer markets like the U.S. and United Arab Emirates. If the IPL's next media rights auction disappoints, however, cricket mania may well have hit a new unwelcome boundary.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
A consortium comprising Aditya Birla Group, Times Internet, Bolt Ventures, and Blackstone will acquire Indian Premier League franchise Royal Challengers Bengaluru for 166.6 billion rupees ($1.77 billion), United Spirits said on March 24. United Spirits is a unit of global drinks giant Diageo. It launched a strategic review of its 100% holding of the franchise in November, labelling the team "non-core" to its primary alcohol business.
IPL teams' toplines lean heavily on media rights https://www.reuters.com/graphics/BRV-BRV/lgpdgomqrvo/chart.png
(Editing by Una Galani; Production by Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
** Shares of alcohol beverage co United Spirits UNSP.NS rise as much as 1% to 1342 rupees before reversing course
** Co to sell its entire stake in Indian Premier League franchise Royal Challengers Bengaluru for $1.78 billion
** United Spirits says deal is a milestone as it sharpens its focus on its core alcohol business
** ICICI Securities says the sale would further lead to value unlocking for UNSP
** UNSP last down 0.7% at 1318 rupees as of 9.55 a.m. IST
** More than 727,808 shares change hand by 9.55 am IST vs 30-day avg of 887,372 shares
** UNSP rated "buy" on avg; median PT at 1606 rupees- data compiled by LSEG
** YTD, UNSP down ~9%
(Reporting by Komal Salecha in Bengaluru)
** Shares of alcohol beverage co United Spirits UNSP.NS rise as much as 1% to 1342 rupees before reversing course
** Co to sell its entire stake in Indian Premier League franchise Royal Challengers Bengaluru for $1.78 billion
** United Spirits says deal is a milestone as it sharpens its focus on its core alcohol business
** ICICI Securities says the sale would further lead to value unlocking for UNSP
** UNSP last down 0.7% at 1318 rupees as of 9.55 a.m. IST
** More than 727,808 shares change hand by 9.55 am IST vs 30-day avg of 887,372 shares
** UNSP rated "buy" on avg; median PT at 1606 rupees- data compiled by LSEG
** YTD, UNSP down ~9%
(Reporting by Komal Salecha in Bengaluru)
Adds details from the statement in paragraph 7, background in paragraphs 3-6
March 24 (Reuters) - A consortium comprising Aditya Birla Group, Times of India Group, Bolt Ventures, and Blackstone BX.N said on Tuesday it would acquire Indian Premier League franchise Royal Challengers Bengaluru for $1.78 billion, ending a weeks-long bidding war.
The seller United Spirits, the Indian arm of UK-based drinks giant Diageo DGE.L, launched a strategic review of its 100% holding of the Bengaluru franchise in November, labelling the team "non-core" to its primary alcohol business.
Royal Challengers Bengaluru's continent-spanning bidding war had drawn interest from global private equity firms KKR and Blackstone, Indian tycoons Adar Poonawalla, CEO of vaccine maker Serum Institute of India and Manipal Education and Medical Group chairman Ranjan Pai, as well as Manchester United co-chairman Avram Glazer.
The Indian Premier League, the world's richest cricket league, counts Bollywood stars and Indian tycoons among its backers but is now attracting major private equity firms with the prospect of rapidly rising revenue and profits and massive viewership globally.
Rajasthan Royals, majority owned by London-based venture capitalist Manoj Badale, is also in a separate sale process.
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.
Royal Challengers Bengaluru's acquisition encompasses both the men's IPL franchise and the Women’s Premier League franchise and is subject to customary closing conditions, including approval from the Board of Control for Cricket in India and the Competition Commission of India.
The team, one of the IPL's eight original franchises, won its first men's title in 2025 after 17 years in the league, with star batsman Virat Kohli, one of cricket's biggest draws, at the heart of the team.
The franchise reported revenue of $56 million for 2024-25, a 73% increase over a three-year period.
The consortium brings together Indian multinational conglomerate Aditya Birla Group, Times of India Group, which operates cricket platform Cricbuzz, billionaire David Blitzer's family office Bolt Ventures, and asset manager Blackstone Group.
Reuters first reported in February that Blitzer was eyeing a majority stake in an Indian Premier League cricket team.
Aditya Birla Group Director Aryaman Vikram Birla will serve as chairman of the franchise while Satyan Gajwani of Times of India Group will serve as vice chairman.
(Reporting by Rishabh Jaiswal in Bengaluru and Vibhuti Sharma in Mumbai; Editing by Tasim Zahid and Devika Syamnath)
(([email protected]; +91 9916719147))
Adds details from the statement in paragraph 7, background in paragraphs 3-6
March 24 (Reuters) - A consortium comprising Aditya Birla Group, Times of India Group, Bolt Ventures, and Blackstone BX.N said on Tuesday it would acquire Indian Premier League franchise Royal Challengers Bengaluru for $1.78 billion, ending a weeks-long bidding war.
The seller United Spirits, the Indian arm of UK-based drinks giant Diageo DGE.L, launched a strategic review of its 100% holding of the Bengaluru franchise in November, labelling the team "non-core" to its primary alcohol business.
Royal Challengers Bengaluru's continent-spanning bidding war had drawn interest from global private equity firms KKR and Blackstone, Indian tycoons Adar Poonawalla, CEO of vaccine maker Serum Institute of India and Manipal Education and Medical Group chairman Ranjan Pai, as well as Manchester United co-chairman Avram Glazer.
The Indian Premier League, the world's richest cricket league, counts Bollywood stars and Indian tycoons among its backers but is now attracting major private equity firms with the prospect of rapidly rising revenue and profits and massive viewership globally.
Rajasthan Royals, majority owned by London-based venture capitalist Manoj Badale, is also in a separate sale process.
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.
Royal Challengers Bengaluru's acquisition encompasses both the men's IPL franchise and the Women’s Premier League franchise and is subject to customary closing conditions, including approval from the Board of Control for Cricket in India and the Competition Commission of India.
The team, one of the IPL's eight original franchises, won its first men's title in 2025 after 17 years in the league, with star batsman Virat Kohli, one of cricket's biggest draws, at the heart of the team.
The franchise reported revenue of $56 million for 2024-25, a 73% increase over a three-year period.
The consortium brings together Indian multinational conglomerate Aditya Birla Group, Times of India Group, which operates cricket platform Cricbuzz, billionaire David Blitzer's family office Bolt Ventures, and asset manager Blackstone Group.
Reuters first reported in February that Blitzer was eyeing a majority stake in an Indian Premier League cricket team.
Aditya Birla Group Director Aryaman Vikram Birla will serve as chairman of the franchise while Satyan Gajwani of Times of India Group will serve as vice chairman.
(Reporting by Rishabh Jaiswal in Bengaluru and Vibhuti Sharma in Mumbai; Editing by Tasim Zahid and Devika Syamnath)
(([email protected]; +91 9916719147))
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/;))
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
IPL seeing heightened investor interest
David Blitzer, Manchester United co-chairman eying stakes
Glazer, Blitzer are in talks with investors, debt providers
Final bids due in mid-March, sources say
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.
Global private equity firms bowled over by Indian cricket league IPL https://www.reuters.com/world/india/global-private-equity-firms-bowled-over-by-indian-cricket-league-ipl-2026-02-17/
(Editing by Aditya Kalra and Toby Davis)
(([email protected];))
Repeats story first published on Wednesday
IPL seeing heightened investor interest
David Blitzer, Manchester United co-chairman eying stakes
Glazer, Blitzer are in talks with investors, debt providers
Final bids due in mid-March, sources say
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.
Global private equity firms bowled over by Indian cricket league IPL https://www.reuters.com/world/india/global-private-equity-firms-bowled-over-by-indian-cricket-league-ipl-2026-02-17/
(Editing by Aditya Kalra and Toby Davis)
(([email protected];))
IPL seeing heightened investor interest
David Blitzer, Manchester United co-chairman eying stakes
Glazer, Blitzer are in talks with investors, debt providers
Final bids due in mid-March, sources say
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.
Global private equity firms bowled over by Indian cricket league IPL https://www.reuters.com/world/india/global-private-equity-firms-bowled-over-by-indian-cricket-league-ipl-2026-02-17/
(Editing by Aditya Kalra and Toby Davis)
(([email protected];))
IPL seeing heightened investor interest
David Blitzer, Manchester United co-chairman eying stakes
Glazer, Blitzer are in talks with investors, debt providers
Final bids due in mid-March, sources say
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.
Global private equity firms bowled over by Indian cricket league IPL https://www.reuters.com/world/india/global-private-equity-firms-bowled-over-by-indian-cricket-league-ipl-2026-02-17/
(Editing by Aditya Kalra and Toby Davis)
(([email protected];))
In cricket-crazy India, IPL redefined the sport over two decades
Global PE firms get more interested as IPL valuations rise
Cricket as an asset class has come of age, team co-owner says
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)
IPL Team Revenues Surge https://reut.rs/4rJ9mjW
(Reporting by Vibhuti Sharma in Mumbai; Additional reporting by Amlan Chakraborty; Editing by Aditya Kalra and Sonali Paul)
(([email protected];))
In cricket-crazy India, IPL redefined the sport over two decades
Global PE firms get more interested as IPL valuations rise
Cricket as an asset class has come of age, team co-owner says
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)
IPL Team Revenues Surge https://reut.rs/4rJ9mjW
(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];))
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)
** 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)
Jan 20 (Reuters) - United Spirits Ltd UNSP.NS:
Q3 PROFIT 5.29 BILLION RUPEES
Q3 REVENUE FROM OPERATIONS 79.28 BILLION RUPEES
DIVIDEND OF 6 RUPEES PER SHARE
Source text: ID:nnAZN4S1IQQ
Further company coverage: UNSP.NS
(([email protected];;))
Jan 20 (Reuters) - United Spirits Ltd UNSP.NS:
Q3 PROFIT 5.29 BILLION RUPEES
Q3 REVENUE FROM OPERATIONS 79.28 BILLION RUPEES
DIVIDEND OF 6 RUPEES PER SHARE
Source text: ID:nnAZN4S1IQQ
Further company coverage: UNSP.NS
(([email protected];;))
Liquor giants says policy of India's richest state exclusionary
So-called 'Maharashtra Made Liquor' category angers industry
Pernod, Diageo and other firms face many challenges in India
Their affordable brands now face 450% local tax in state
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;))
Liquor giants says policy of India's richest state exclusionary
So-called 'Maharashtra Made Liquor' category angers industry
Pernod, Diageo and other firms face many challenges in India
Their affordable brands now face 450% local tax in state
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
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
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Popular questions
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What does United Spirits do?
United Spirits is engaged in the business of manufacture, purchase and sale of beverage alcohol and other allied spirits, including through tie-up manufacturing units and through strategic franchising of some of its brands. A subsidiary of global leader, Diageo, its world class portfolio includes premium brands such as Johnnie Walker, Black Dog, Black & White, Vat 69, Antiquity, Signature, Singleton, Royal Challenge, McDowell’s No 1, Smirnoff, Ketel One, Tanqueray and Captain Morgan.
Who are the competitors of United Spirits?
United Spirits major competitors are Radico Khaitan, United Breweries, Tilaknagar Inds., Globus Spirits, GM Breweries, Som DistilleriesBrew, Assoc Alcohols &Brew. Market Cap of United Spirits is ₹1,07,750 Crs. While the median market cap of its peers are ₹2,891 Crs.
Is United Spirits financially stable compared to its competitors?
United Spirits seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does United Spirits pay decent dividends?
The company seems to pay a good stable dividend. United Spirits latest dividend payout ratio is 67.06% and 3yr average dividend payout ratio is 56.13%
How has United Spirits allocated its funds?
Companies resources are allocated to majorly unproductive assets like Inventory, Short Term Loans & Advances
How strong is United Spirits balance sheet?
Balance sheet of United Spirits is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of United Spirits improving?
Yes, profit is increasing. The profit of United Spirits is ₹1,885 Crs for TTM, ₹1,838 Crs for Mar 2026 and ₹1,582 Crs for Mar 2025.
Is the debt of United Spirits increasing or decreasing?
Yes, The net debt of United Spirits is increasing. Latest net debt of United Spirits is -₹3,948 Crs as of Mar-26. This is greater than Mar-25 when it was -₹4,060 Crs.
Is United Spirits stock expensive?
United Spirits is expensive when considering the EV/EBIDTA, however latest PE is < 3 yr avg PE. Latest PE of United Spirits is 57.19, while 3 year average PE is 62.84. Also latest EV/EBITDA of United Spirits is 46.37 while 3yr average is 42.63.
Has the share price of United Spirits grown faster than its competition?
United Spirits has given lower returns compared to its competitors. United Spirits has grown at ~12.13% over the last 10yrs while peers have grown at a median rate of 20.1%
Is the promoter bullish about United Spirits?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in United Spirits is 56.67% and last quarter promoter holding is 56.67%.
Are mutual funds buying/selling United Spirits?
The mutual fund holding of United Spirits is increasing. The current mutual fund holding in United Spirits is 15.03% while previous quarter holding is 13.08%.