Japanese conglomerate Kirin Holdings has confirmed it is speaking to creditors and shareholders around the restructure of Indian brewing group B9 Beverages.
Earlier this week, several people aware of the negotiations told the publication The Economic Times that Kirin was in talks with B9 Beverages founder Ankur Jain to exit its stake in the Bira 91 maker.
"We recognise the current management situation of B9 Beverages," Kirin said in a statement to Just Drinks. "Based on this, we are continuing joint discussions with other shareholders and creditors on the restructuring of the company.
"The exit has not been announced by us, nor has there been any decision to sell shares. Furthermore, the Kirin Group is pursuing overseas expansion in its alcoholic beverages business, and discussions on the business portfolio are not directly related to this matter."
Kirin first invested in the Bira 91 brewer in 2021, taking a minority stake for $30m.
The following year, the business invested again, being the lead investor in a $70m Series D funding round.
An audit report in October on B9 Beverages's 2024 fiscal, seen by the Economic Times but not by Just Drinks, also suggested the business "is exposed to market risk, credit risk and liquidity risk which may impact the fair value of its financial instruments".
Just Drinks has asked B9 Beverages to disclose details on its 2024 full-year financial results.
In a LinkedIn post last month, B9 Beverages founder Ankur Jain said his "singular focus" was "on completing the fundraise and protecting the interests of Bira 91 and its employees".
He said: "I am in discussions with investors to secure the capital required to protect your interests and stabilise the business."
Jain added: "I along with the management team are standing firm and are doubling-down on our efforts to restore the company to the heights we achieved together – including to raise capital and accelerate business operations.
"We are here to stay, and I firmly believe, no one cares about this team, brand and organisation more than this leadership team."
Back in July, Bira 91 rebuffed reports the company has ceased operations at a site in Andhra Pradesh for allegedly defaulting on excise payments.
“We have changed our business model but not exited any states in terms of our brewery footprint. We have moved to an asset-light model and rationalised capacity in some states, while we double-down on key markets and increased supply chain capacity in some other markets," the New Delhi-based brewer told Just Drinks at the time.
Earlier that same month the business announced its re-entry into Uttar Pradesh through a new manufacturing and distribution deal. It also at the time revealed plans to develop a local brewery in the state.
