Pernod Ricard has acknowledged – but not confirmed – press claims that an initial public offering of its division in India is on the horizon.
Citing unnamed sources in a report today (20 April), Bloomberg claimed that the brand owner has engaged Goldman Sachs and legal firm Cyril Amarchand Mangaldas to investigate how to proceed. Despite the hiring of the two companies, the likelihood of a resultant IPO is not guaranteed, the same sources told Bloomberg.
When contacted by Global Drinks Intel following the publication of the news article, a group spokesperson in Paris recognised the report. “Pernod Ricard notes the recent market rumours regarding the potential listing of its Indian affiliate,” they said. “Pernod Ricard regularly assesses and evaluates its strategic opportunities and is continuously exploring options to create value for its shareholders, including optimising its capital structure. This is a usual process in line with management’s mission of delivering value to shareholders, employees, clients and stakeholders.”
“Nonetheless,” the spokesperson added, “Pernod Ricard highlights that, at this stage, no decision has been made regarding any particular action or involving any of these options.”
Pernod Ricard India presently sits under the control of the company’s South Asia division. As well as the group’s international spirits brands, the unit also holds responsibility for Indian whiskies including Royal Stag and Longitude 77 (released in late 2023) and Blenders Pride, which contains whisky produced by blending Indian grain spirits and scotch malt.
Just over two years ago, the company outlined plans to construct a “malt spirit” distillery with an annual production capacity of 219,000 hectolitres in the “industrial suburb” of Butibori in Nagpur.