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According to a report conducted by Reuters<\/strong>, French spirits giant Pernod Ricard<\/strong> is experiencing significant financial losses in India<\/strong> due to the unavailability of its brands in the city of New Delhi<\/strong> for the past six months.<\/p>\n <\/p>\n This situation is due to a licensing issue<\/strong>, which prevents the group from selling its products in bars and liquor stores in the city. Pernod Ricard, which has been operating for more than 20 years<\/strong> in India, a crucial market for the group, has to obtain licenses issued by each state individually, which have to be renewed every year, in most cases.<\/p>\n <\/p>\n In a court document dated March 27<\/strong>, Pernod Ricard said it applied for a license in August 2022<\/strong> from the New Delhi decision-making authority and has yet to receive a response.<\/p>\n <\/p>\n <\/p>\n This situation has a significant impact on the company’s financial results. The document states that the group is suffering “massive losses”<\/em> and a “loss of market share and revenue”<\/em>. Although the amount of the losses has not been quantified, the group says they are “increasing daily”<\/em>.<\/p>\n <\/p>\n Two sources close to the case revealed that the group’s brands, Chivas Regal, Blenders Pride, 100 Pipers and Absolut<\/strong>, are not currently available in New Delhi.<\/p>\n <\/p>\n <\/p>\n A federal investigation<\/strong> is being conducted against Pernod Ricard for suspected violations of the Delhi government’s alcohol policy. A sales manager of the local subsidiary was arrested last November as a result of this investigation. Alcohol fraud and money laundering were mentioned.<\/p>\n <\/p>\n The Indian authorities are also claiming the equivalent of 250 million euros<\/strong> from the local subsidiary of Pernod Ricard, for having underestimated the value of imports of concentrates<\/strong> for several years, in order to limit the amount of duties to be paid.<\/p>\n <\/p>\n At present, the New Delhi authorities have not commented on this situation, and Pernod Ricard did not wish to comment on the subject.<\/p>\n <\/p>\n Read also >Veuve-Clicquot: a voyage of discovery to learn more about champagne<\/a><\/p>\n <\/p>\n Featured photo : \u00a9 Pernod Ricard[\/vc_column_text][\/vc_column][\/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]<\/p>\n <\/p>\n According to a report conducted by Reuters<\/strong>, French spirits giant Pernod Ricard<\/strong> is experiencing significant financial losses in India<\/strong> due to the unavailability of its brands in the city of New Delhi<\/strong> for the past six months.<\/p>\n <\/p>\n This situation is due to a licensing issue<\/strong>, which prevents the group from selling its products in bars and liquor stores in the city. Pernod Ricard, which has been operating for more than 20 years<\/strong> in India, a crucial market for the group, has to obtain licenses issued by each state individually, which have to be renewed every year, in most cases.<\/p>\n <\/p>\n In a court document dated March 27<\/strong>, Pernod Ricard said it applied for a license in August 2022<\/strong> from the New Delhi decision-making authority and has yet to receive a response.<\/p>\n <\/p>\n <\/p>\n This situation has a significant impact on the company’s financial results. The document states that the group is suffering “massive losses”<\/em> and a “loss of market share and revenue”<\/em>. Although the amount of the losses has not been quantified, the group says they are “increasing daily”<\/em>.<\/p>\n <\/p>\n […][\/vc_column_text][vc_cta h2=”This article is reserved for subscribers.” h2_font_container=”tag:h2|font_size:16|text_align:left” h2_use_theme_fonts=”yes” h4=”Subscribe now !” h4_font_container=”tag:h2|font_size:32|text_align:left|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE !” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fsubscriptions-and-newsletter-special-offer-valid-until-september-30-2020-2-2%2F”]Get unlimited access to all articles and live a new reading experience, preview contents, exclusive newsletters…<\/p>\nMassive losses<\/h2>\n
Federal investigation<\/h2>\n
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Pernod Ricard has suffered heavy losses in New Delhi, where its brands are now unavailable. A federal investigation was conducted last November against the French wine and spirits giant, suspected of violations of the Indian capital’s alcohol policy.<\/h4>\n
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Massive losses<\/h2>\n