Business & Finance
19 February 2023, 5:05 pm. 1 minute
Reuters exclusively revealed that an Indian investigating agency has accused French spirits group Pernod Ricard of illegally profiting $23 million in India by providing false price information and conspiring in an email campaign to sway New Delhi’s liquor policy. The new allegations represent an escalation of problems for Pernod in India, a key growth market where it has a 17% share. The maker of Chivas Regal, Glenlivet and Absolut Vodka was also accused in November by the Indian agency of violating New Delhi city’s liquor policy to boost market share. Pernod denies wrongdoing.
New Delhi is a critical growth market for alcohol companies. In a November New Delhi court filing, the agency alleged Pernod provided $24 million in corporate guarantees to its banker HSBC (HSBA.L), which then issued loans to retailers who were bidding. In return, stores stocked more Pernod liquor, boosting its market share.
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Retail & Consumer Goods
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story