Danish brewing major Carlsberg is evaluating a potential public listing of its India business, signalling growing confidence in one of its most important expansion markets globally. The company confirmed during its latest investor call that it intends to explore an initial public offering, although a final decision has yet to be made.
Group CEO Jacob Aarup-Andersen said the move is part of a broader effort to unlock shareholder value, emphasising that the evaluation is 'purely driven' by whether a listing would adequately enhance long-term returns. While he did not provide timelines or structural details, he noted that the company is assessing multiple options to maximise the value of its India operations.
Carlsberg's Key Growth Engine
India has rapidly become central to Carlsberg's global strategy, with the country now outpacing China in terms of growth momentum. The brewer has reported high single-digit volume growth in India, supported by strong year-end demand and expanding market share across several states.
Key brands continue to drive momentum. Carlsberg Elephant recorded particularly strong gains, while Tuborg Strong, its largest brand in the country, delivered steady growth. The recent launch of Kronenbourg 1664 Blanc, a premium French wheat beer, has also shown encouraging early traction, reflecting rising consumer interest in premium offerings.
The company's global Tuborg volumes rose 2% last year, with India among the biggest contributors alongside markets such as China, Kazakhstan and Nepal.
Investments and Premiumisation Strategy
Carlsberg has been ramping up investments to strengthen its India presence, including plans to invest Rs 1,250 crore over the next few years. This includes capacity expansion, technology upgrades and a Rs 500 crore brewery planned in Maharashtra. The brewer has also increased hiring and accelerated its premiumisation strategy, targeting urban consumers trading up to higher-end beer options.
India's favourable demographics, rising disposable incomes and relatively low per capita beer consumption compared to global averages make it an attractive long-term growth market. The company has also benefited from gaining full control of its India operations after resolving a long-standing dispute with its former local partner.
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