John Distilleries is open to selling more, and potentially all, of its founder's remaining stake to U.S. spirits group Sazerac, following an earlier round valuing the Indian liquor maker at about $426.48 million, its founder said.
Sazerac, home of brands such as Corazon tequila and Svedka vodka, already holds about 60% of the privately held liquor maker after buying stakes including from Gaja Capital nearly a decade ago.
There is no timeline, but the parties have agreed in principle to jointly explore changes in shareholding, John said, adding any sale of his remaining stake would likely be at a higher valuation than the most recent transaction.
Founded roughly three decades ago, Bengaluru-based John Distilleries sells products across budget and premium segments, including Original Choice whisky and the Paul John single-malt brand.
"I have taken the company to the level that I could do it on my own, and from now on, it really needs a big daddy," founder and chairman Paul John told Reuters. "An association with somebody like Sazerac seems to be a good pitch."
Sazerac, which has been expanding globally, emerged as a bidder for Jack Daniel's maker Brown-Forman earlier this month, underscoring its appetite for growth through acquisitions. The company did not immediately respond to a request for comment.
India is on course to become the world's largest spirits market by volume by 2032, overtaking China, with 15 million to 20 million new consumers entering the market each year, according to alcohol industry data provider IWSR.
John Distilleries' revenue rose 20% to 94.5 billion rupees in the year ended March 2025, according to private market data provider Tracxn, broadly in line with the company's growth rate over the past five years, a pace its founder said it expects to maintain.
Profitability has lagged revenue growth due to investments in premium brands and thin margins in high-volume budget segments, but John said the company expects to turn profitable by fiscal 2028.
India's alcohol industry is facing supply constraints of cans and glass bottles amid global disruptions, but John said the impact on his company was limited as much of its sales are in small carton packs.
Published on April 23, 2026