Kirin Holdings (Kirin Holdings Company, Limited (TSE:2503)), the largest investor in Bira 91 craft beer maker B9 Beverages (B9 Beverages Private Limited), is in talks with the crisis-ridden brewer's founder Ankur Jain to exit its investment, multiple people aware of the negotiations told ET. "Kirin has expressed its desire to exit and let B9's founder get a new strategic investor in its place," said one of the people who did not wish to be identified. Kirin held a 20.1% stake in B9 Beverages as of June 2025, ahead of Jain's 17.8% holding.
When it made its first investment in B9 Beverages in 2021, Kirin was seen as a long-term investor. However, the company has had a rethink on its global strategy in recent times and is looking to divest some alco-bev investments. The latest round of discussions for the exit took place in October, people cited above said.
Jain has been in touch with Kirin's Tokyo headquarters for the past three months, they added. "All options are on the table," Jain told ET when contacted. 'All Options on the Table'"All options are on the table," Jain told ET when contacted.
Kirin Holdings did not respond to ET's emailed queries. Kirin is also said to have engaged EY to sell its debt provided to B9 Beverages in two tranches, people cited above said. Initially, it had invested around $30 million in B9 Beverages in January 2021 in a combination of debt and equity.
Last year, it provided another loan along with Tiger Pacific. B9 Beverages has been facing financial difficulties amid business disruptions last year after it changed its legal name to 'B9 Beverages Limited' from 'B9 Beverages Private Limited', keeping in mind a planned initial public offering (IPO). This forced it to register its products afresh with each state excise authority, resulting in 4-7 months of business disruptions, during which it had to write off inventory.
Further, the company had high fixed costs as it commissioned four breweries between 2015 and 2019. This made it difficult for the firm to keep pace with market dynamics where competitors are pricing products attractively. This resulted in a sharp fall in sales and a spike in losses.
Debt servicing is an added burden. Kirin Holdings has already written down the value of its debt and equity holdings in B9 Beverages in February, people cited above said.
