Pernod Ricard SA, the French spirits giant behind Absolut vodka and Chivas Regal whisky, is exploring the possibility of listing its Indian subsidiary, Bloomberg News reported on Wednesday, citing people familiar with the matter. The company has begun discussions with prospective advisers as it evaluates whether spinning off Pernod Ricard India through a separate listing would be beneficial.
The Paris-listed company’s stock has fallen 17% over the past year amid decline in sales in its two largest markets — the US and China. Meanwhile, India has emerged as a key market for the company with 6% organic sales growth in fiscal year ending June 30, 2025.
The country has become blended whiskey Jameson’s second-largest market by volume. The portfolio also includes locally produced names like Blenders Pride and Royal Stag, made using a blend of Indian grain spirits and imported Scotch malts.
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Premiumisation has caught up in India in the last few years, where rising disposable income has given consumers a chance to elevate their preferences in everything from cars to soaps. In the alcohol-beverage segment, the trend is being fuelled by favourable demographics, higher incomes, increasing social acceptance of alcohol, and a slew of new product launches in the premium category.
Moreover, a trade deal between India and the European Union sealed last month is set to slash tariffs on imported wine, spirits, and beer that will lower prices and increase market access for premium European brands.
Pernod Ricard India employs more than 1,500 people and operates 24 production facilities across the country, according to its website. Talks for the IPO are still in the early stages, and there is no guarantee that the company will move forward with the plan, the news report said.
Already, London‑listed Diageo Plc. has its local subsidiary United Spirits Ltd. trading on Dalal Street.
Several multinational corporations — including Hyundai Motor Co. and LG Electronics Inc. — have listed their Indian operations in recent years to tap into a large and active domestic investor base and to take advantage of higher market valuations.
(With inputs from agencies)
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