E-Malt.com News article: Japan & India: Kirin Holdings in talks to exit crisis-hit Bira 91

Japan’s Kirin Holdings, the largest investor in Bira 91 maker B9 Beverages, is in talks with founder Ankur Jain to exit the crisis-hit company, several people familiar with the matter told ET.

Kirin, one of Japan’s top three liquor companies alongside Asahi and Suntory, held a 20.1% stake in B9 Beverages as of June 2025, ahead of Jain’s 17.8%. When Kirin first invested in 2021, it was viewed as a long-term backer. But the company has since reconsidered its global strategy and is looking to divest some alcoholic beverage assets. The company has also hired EY to sell the debt it provided to B9 Beverages in two tranches.

Kirin initially invested about $30 million in January 2021 through a mix of debt and equity. It provided another loan last year along with Tiger Pacific. Alongside Kirin, major investors in B9 Beverages include Peak XV with a 14.6% stake and Sofina with 6.4%. The remaining shares are held by family offices and financial investors, reported ET.

B9 Beverages has been under severe pressure after a major business disruption last year. The company changed its legal name to ‘B9 Beverages Limited’ from ‘B9 Beverages Private Limited’ as part of its IPO plans. The shift required it to re-register products across all state excise departments, causing 4–7 months of disruption and forcing inventory write-offs.

The brewer was also weighed down by high fixed costs after commissioning four breweries between 2015 and 2019. This made it harder to adjust as competitors priced aggressively. The result was a sharp fall in sales and a jump in losses. B9 Beverages reported a net loss of Rs 748 crore in FY24 as sales dropped 22% year-on-year to Rs 638 crore. The company has not released FY25 numbers. Its debt burden has now risen to Rs 1,000 crore, with existing investors unwilling to put in more capital.

According to ET sources, this has led to tensions between the founders and several existing investors, including Peak XV, Sofina and debt investor Anicut Capital.

Kirin is diversifying into the health and wellness sector as part of a broader rethink of its international strategy. The company has put its Four Roses bourbon brand on the block for $1 billion, according to recent reports. It exited a Chinese bottled water joint venture three years ago and later sold its stake in a brewery partnership in Myanmar. Last year, Kirin invested $1.5 billion in Japanese supplement maker Fancl.

India’s beer market is forecast to reach Rs 802.5 billion by 2033, growing at a 6.72% CAGR between 2025 and 2033, according to research firm Imarc. The market was valued at Rs 444.6 billion in 2024. “Growth is fuelled by changing lifestyles, increasing brand consciousness around premium and imported beers, and rising beer consumption among millennials during social and cultural events. Innovations in flavour and packaging are further supporting market expansion,” the report said.



19 November, 2025