French spirits giant says it is evaluating strategic opportunities after reports of an early-stage listing plan for its Indian subsidiary
Pernod Ricard SA has said no decision has been taken on a potential initial public offering of its Indian subsidiary, following reports that the French spirits maker had begun early preparations for a possible listing.
According to media reports, the maker of Absolut vodka and Chivas Regal whisky had started preliminary work on a potential IPO for its India business. However, the company clarified that there was nothing definitive at this stage.
A spokesperson for Pernod Ricard said the group regularly reviews strategic opportunities and explores options aimed at creating shareholder value, including optimising its capital structure.
“Pernod Ricard notes the recent market rumours regarding the potential listing of its Indian affiliate. Pernod Ricard regularly assesses and evaluates its strategic opportunities and is continuously exploring options to create value for its shareholders,” the spokesperson said.
The spokesperson added that, “at this stage, no decision has been made regarding any particular action or involving any of these options.”
According to Bloomberg, Pernod Ricard India is working with Goldman Sachs Group as financial adviser, alongside legal firm Cyril Amarchand Mangaldas, with a formal adviser selection and broader process likely to begin soon if plans move forward.
The report comes despite the company stating earlier this year that there was “nothing new on the horizon” regarding an IPO of its Indian operations, suggesting that any renewed activity would mark a shift in stance.
India remains one of Pernod Ricard’s most valuable global markets. It is the company’s largest market by volume and second-largest by value, according to previous management commentary.
Its India portfolio includes domestic brands such as Royal Stag, Blenders Pride and 100 Pipers, alongside premium international labels including Chivas Regal, Ballantine’s, The Glenlivet, Royal Salute and Jameson Irish Whiskey.
The company employs more than 1,500 people in India and operates 24 production sites, underlining the scale of its presence in the country.
Last year, Pernod Ricard streamlined its Indian operations by selling its Imperial Blue business division to Tilaknagar Industries for an enterprise value of up to Rs 4,150 crore.
If it proceeds, the listing would add Pernod Ricard to a growing group of multinational corporations tapping Indian equity markets, following offerings by firms such as Hyundai Motor India, LG Electronics India and others.
India’s IPO market continues to attract global attention, with approximately $2.9 billion raised so far this year, after nearly $22 billion was mobilised across 2025.
Globally, Pernod Ricard has also been navigating wider strategic developments, including reported industry consolidation talks and demand pressures in certain international markets. In India, it remains a key rival to Diageo in the premium spirits segment.
