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Suntory eyes 10-15% stake in Allied Blenders

By Sohail Khan 28 September 2026, 6:00 am

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Business News›Industry›Cons. Products›Liquor›Eye on India cocktail, Suntory eyes 10-15% stake in Allied Blenders & Distillers

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Eye on India cocktail, Suntory eyes 10-15% stake in Allied Blenders & Distillers
Synopsis

Suntory Holdings, the renowned Japanese beverage company, is in discussions regarding a potential minority investment in Allied Blenders and Distillers. The goal of these talks is to form a strategic alliance that leverages the strengths of both entities within the whisky industry. By acquiring 10-15% of the promoters’ stake, Suntory aims to enhance its footprint in India's booming whisky market, amidst rising competition from other players.

Suntory is in talks to acquire a 10-15% stake in Allied Blenders, maker of Officer’s Choice whisky.

Mumbai: Japanese beverage firm Suntory Holdings is in early discussions to acquire a minority stake in Allied Blenders and Distillers, maker of Officer’s Choice whisky, said people familiar with the matter.

Talks are focused on a strategic partnership that could combine Suntory’s premium international portfolio with the Indian spirits company’s mass and mid-premium market scale, said the people who asked not to be identified because the discussions are private.

Also Read: Diageo India revamps McDowell's No.1 with premium identity

“While talks are at the preliminary stage, Allied Blenders and Distillers could dilute around 10-15%. Suntory is also exploring distribution and manufacturing synergies,” said one of the persons.

ET Bureau

Long-term Possibility

“The deal would give Suntory a stronger foothold in India’s mass whisky market, where it remains relatively small compared with its premium business,” said the person cited earlier.

Controlled by promoter Kishore Chhabria, Allied Blenders is India’s third-largest listed spirits maker, with a market capitalisation of about Rs 20,000 crore. The Mumbai-based company, which has 38 manufacturing units, raised Rs 1,500 crore through an initial public offering two years ago.

“The transaction is expected to be largely primary in nature, with the promoters likely to dilute a portion of their stake to bring Suntory on board, and they may even look to cede a majority stake in the long term,” the person said.

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Bina Kishore Chhabria, a promoter of Allied Blenders and Distillers, sold a 1.96% stake in the spirits maker for Rs 357.6 crore through an open-market transaction on Wednesday, a day after the company said a promoter planned to sell shares to meet minimum public shareholding requirements. Following the transaction, her holding fell to 56.24% from 58.20%, while the combined stake of promoters and promoter-group entities declined to 78.95% from 80.91%.

“Allied Blenders and Distillers does not comment on market rumours or speculation,” a company spokesperson said in response to ET’s queries. Suntory Holdings did not comment.

Suntory Holdings, the world’s third-largest distiller, aims to close the gap with rivals Diageo and Pernod Ricard in the expanding Indian market, where it currently generates about $150 million in annual sales. India is the world’s largest whisky market by volume, with sales of about 260 million cases in 2025. Both Diageo and Pernod Ricard count India as their largest market by volume and second biggest in value.

Suntory Holdings has long maintained a strong position in the Indian premium spirits market, anchored by brands such as Yamazaki, Hibiki, Toki and Jim Beam. Its Indian-made Oaksmith whisky is aimed at the mass and mid-premium segments. The distiller dominates India’s Japanese whisky segment with about 95% share and has about 44% of the American whiskey category. It also owns Teacher’s, a leading Scotch whisky brand.

The Japanese beverage maker operates a manufacturing plant in Rajasthan and uses third-party bottling facilities in Goa, Maharashtra, Madhya Pradesh and Telangana. It established Suntory India about two years ago to explore expansion opportunities in beverages and wellness. Last year, it also explored buying Imperial Blue from Pernod Ricard, but the discussions did not progress after the two sides differed over valuation, according to people familiar with the matter.

Greg Hughes, CEO of Suntory Global Spirits, last month said the company would evaluate acquisitions in India if a right partner emerged. “India is an important strategic market, and if the right opportunity came along, there was a fit from a portfolio, scale and cultural perspective, then we would evaluate that,” Hughes told ET.

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