Japanese beer giant Kirin Holdings is in talks with Ankur Jain, founder of Indian beer company B9 Beverages, to exit its investment in the firm. The discussions come as B9 faces deepening financial distress: its net loss for FY2024 has soared to 7.48 billion rupees (approximately USD 83.87 million).
Kirin Holdings Company, Limited is one of Japan’s three major beer producers, with roots tracing back to the late 19th century. In addition to beer, the company has interests in spirits, soft drinks, and pharmaceuticals, making it one of Japan’s most representative diversified beverage and health-industry groups.
B9 Beverages is a well-known craft and specialty beer company in India. Its flagship brand, Bira 91, launched in 2015, began with German/Belgian-style wheat beers. In recent years, the company has built breweries across multiple locations in India and expanded its reach to overseas markets through exports.
Currently, Kirin is B9’s largest shareholder with a 20.1% stake, followed by Peak XV Partners with 14.6%, and founder Jain and his family holding roughly 17.8%.
In January 2021, Kirin invested around USD 30 million in B9 through a debt-to-equity transaction. Last year, it also joined Tiger Pacific Capital in extending additional loans to the company.
Although Kirin was initially seen as a long-term strategic investor, the company has reassessed its global portfolio in recent years and is now considering gradually selling off parts of its alcoholic beverage business. Industry observers view B9’s worsening debt crisis as a key factor behind this reconsideration.
In FY2024, B9 recorded revenue of 6.38 billion rupees (approximately USD 71.54 million) but suffered a net loss of 7.48 billion rupees (approximately USD 83.87 million). Operating cash flow fell to –840 million rupees (about –USD 9.4 million). Accumulated losses climbed to 19.04 billion rupees (around USD 213.6 million), resulting in negative equity.
The company expanded rapidly over the past decade, building four new breweries between 2015 and 2019. This brought heavy depreciation and operating costs, while sales growth failed to keep pace with its cost structure.
Audit reports reveal that B9 has exhausted its net assets. As of March 2024, accumulated losses had surged to 21.1798 billion rupees (approx. USD 237.3 million). Meanwhile, more than 250 employees jointly petitioned B9’s board and major investors—including Kirin and Peak XV—calling for founder Ankur Jain’s removal. The petition cites governance failures, lack of transparency, and delays in salary and reimbursement payments.
Employees reported that wages had been delayed for several months, and reimbursements had been overdue since November 2024. Media outlets also reported that production at B9 halted in July, heightening fears about the company’s future.
In addition to considering its exit from B9, Kirin is also offloading other alcohol-related assets. Several international media outlets report that Kirin has put its well-known Kentucky bourbon brand Four Roses up for sale, with a target valuation of around USD 1 billion.
Kirin acquired Four Roses in 2002. The brand generates approximately USD 70 million in annual adjusted profit. Kirin has appointed UBS to manage the sale, with the first round of bidding expected to begin in November.
Industry experts say the disposal of multiple alcohol assets signals a major strategic shift within Kirin: the company is pulling back from its traditional alcoholic beverage businesses and reallocating resources toward health sciences, nutritional supplements, and pharmaceuticals.
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