Latest news with #PernodRicardIndia
Time of India
6 days ago
- Business
- Time of India
India-UK FTA will make Scotch whiskies more competitively priced: Pernod Ricard India
HighlightsPernod Ricard India announced that the implementation of the India-UK free trade agreement will reduce import duties on UK whisky and gin, leading to lower retail prices for premium Scotch whiskies in India. Under the trade agreement, India will reduce duties on UK whisky and gin from 150 percent to 75 percent, and further to 40 percent by the tenth year, benefiting Indian consumers. Pernod Ricard India stated that while the FTA will positively impact the pricing of imported liquor, it will have minimal effect on Indian Made Foreign Liquor, which remains at a significantly lower price point. Alcoholic beverage company Pernod Ricard India on Wednesday said a reduction in prices of imported liquor following the implementation of the India-UK free trade agreement (FTA) will lead to lower retail prices across most states. Terming the UK-India 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 in the country. "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," a PRI spokesperson told PTI. 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 the French spirits maker Pernod Ricard. It leads the Indian market in terms of sales, followed by Diageo, which owns United Spirits Ltd. The company owns Chivas Regal and other Scotch whisky brands such as The Glenlivet, Royal Salute, Ballantine's etc. 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. PRI also owns IMFL brands such as Blenders Pride, Imperial Blue, and Royal Stag through Seagram's. The Indian alchoBev (alcoholic beverage) industry players blend imported bulk scotch whisky with IMFL. Some home-grown players expect a decline in IMFL prices also. However, PRI said these price reductions will benefit Indian consumers, while having minimal impact on IMFL, which remains at a significantly lower price point. In India, retail prices of liquor are controlled by policies of respective state governments. They identify the 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 makr 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.
Time of India
7 days ago
- Business
- Time of India
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.
Deccan Herald
7 days ago
- Business
- Deccan Herald
India-UK FTA will make Scotch whiskies more competitively priced: Pernod Ricard India
Terming the UK-India 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 in the country.
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Business Standard
7 days ago
- Business
- Business Standard
Pernod Ricard to cut Scotch prices in India after UK trade deal
The Indian arm of French liquor giant Pernod Ricard said on Wednesday that the India-UK free trade agreement (FTA) will enable it to reduce prices of imported liquor for Indian consumers. '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 Pernod Ricard India spokesperson, reported news agency PTI. Bottled in Origin (BIO) refers to premium spirits bottled in their country of origin before being imported to India, commanding some of the highest price points in the market. Duties to be slashed under new trade deal Under the FTA, the current 150 per cent import duty on Scotch whisky will be cut to 75 per cent initially and then gradually reduced to 40 per cent over the next 10 years. However, the spokesperson also noted that while the price reductions will benefit Indian consumers, they will have minimal impact on Indian Made Foreign Liquor (IMFL), which already sells at much lower price points. Pernod Ricard's global portfolio includes brands like 100 Pipers, Chivas Regal, The Glenlivet, and Absolut. In the IMFL category, it sells products such as Blenders Pride, Imperial Blue, and Royal Stag, making it the market leader in India by sales. India's growing Scotch whisky appetite India has already overtaken France in Scotch whisky imports by volume, bringing in 192 million bottles in 2024, up from 167 million in 2023. The trade agreement is expected to further boost these numbers. Mark Kent, chief executive of the Scotch Whisky Association, said that the duty cuts 'will be transformational for the industry and has the potential to increase Scotch whisky exports to India by £1 billion over the next five years, creating 1,200 jobs across the UK.' Last week, Diageo Plc also said it would reduce prices of its Scotch whisky brands in India following the implementation of the FTA.
Time of India
7 days ago
- Business
- Time of India
Pernod Ricard to pass on price cut benefits to consumers after UK-India FTA
Pernod Ricard India announced it will pass on the benefits of reduced import duties on premium Scotch whiskies to consumers following the India-UK FTA. The agreement, expected to improve access and lower retail prices, will primarily impact imported liquor, with minimal effect on India Made Foreign Liquor. The company awaits official terms to fully assess the FTA's implications. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Cons. Products 1. Alcohol makers seek phased import duty cuts, strong safeguards to prevent EU FTA misuse 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 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 is the subsidiary of French spirits maker Pernod Ricard. It leads the india market in terms of 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 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 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 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 agreementPernod Ricard's global portfolio comprises over 200 premium brands, including 100 Pipers, Chivas Regal, The Glenlivet, Absolut, Havana Club and Jacob's also owns IMFL brands such as Blenders Pride, Imperial Blue and Royal Stag.
