Pernod Ricard to pass on price cut benefits to consumers after UK-India FTA
Alcoholic beverage company
Pernod Ricard
India on Wednesday said it will extend benefits of price reduction on imported liquor to consumers following implementation of the free trade agreement between India and UK. Terming the India-UK FTA as a "positive step forward for both the industry and consumers", Pernod Ricard India (PRI) said it will improve access to
premium Scotch whiskies
.
"Notably, the FTA is expected to improve access to premium Scotch whiskies by making them more competitively priced, as reductions in import duties on Bottled in Origin products will translate into lower retail prices across most states," said a PRI spokesperson.
Under the trade pact, announced earlier this month, India will reduce duties on UK whisky and gin from 150 per cent to 75 per cent, and further to 40 per cent by the tenth year.
PRI is the subsidiary of French spirits maker Pernod Ricard. It leads the india market in terms of sales.
According to PRI, while the formal details of the
UK-India FTA
are still awaited, the agreement in principle marks a positive step forward for both the industry and consumers.
However, PRI also added that it will have a minimum impact on the prices of IMFL (
India Made Foreign Liquor
).
"These price reductions will benefit Indian consumers, while having minimal impact on Indian Made Foreign Liquor, which remains at a significantly lower price point," the spokesperson said.
In India, retail prices of liquor are controlled by policies of respective state governments. They identify import duty as a separate component of the retail selling price in their respective areas.
"Once the final terms are officially announced, we will continue to assess the implications of the FTA as they come into effect," said PRI.
Earlier British spirits maker Diageo, which owns brands such as Johnny Waker had said it expects a reduction of "high single digit" in consumer prices along with additional volume growth after implementation of the India-UK free trade agreement
Pernod Ricard's global portfolio comprises over 200 premium brands, including 100 Pipers, Chivas Regal, The Glenlivet, Absolut, Havana Club and Jacob's Creek.
It also owns IMFL brands such as Blenders Pride, Imperial Blue and Royal Stag.
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