Skip to content
Search

Latest Stories

India probe finds AB InBev, Carlsberg, United Breweries colluded on prices: Sources

THE investigations unit of India's Competition Commission has concluded that Anheuser-Busch InBev, Carlsberg and United Breweries colluded to fix beer prices, two people with direct knowledge told.

The Competition Commission of India (CCI) launched the investigation after AB InBev told the watchdog it had detected an industry cartel, leading in 2018 to dawn raids at the three brewers' offices to collect evidence.


The investigation has found that 15-20 executives from the three brewers were involved in discussions of beer prices before they were submitted to Indian state regulators, thereby violating antitrust laws, said the two sources, who declined to be named as the report is not public.

"The evidence seized by the CCI during searches last year was enough to nail the culprits," said one of the sources.

AB InBev, the world's largest brewer, whose Indian offerings include Budweiser and Corona, told it would not be appropriate to comment at this time, but said it takes antitrust compliance "very seriously".

Carlsberg, which sells beer under its own-name brand and also owns Tuborg, declined to comment on Friday (25), but has previously said it is "committed to complying" with all relevant laws.

United Breweries, which is part-owned by Heineken and known for its Kingfisher brand, said it is "given to understand" the investigation report has been submitted to the CCI, and will present its case during the commission's hearing.

The company added that it had made complete disclosures to CCI's investigation unit that it will use to "counter any legal presumptions and material impact against" it.

The chairman of the CCI, Ashok Kumar Gupta, and other members of the commission are expected to decide on a penalty over the next few months, or dispute the investigation findings which were submitted in August, the two sources said.

The report will not be made public and its findings have not previously been reported.

The three brewers, who according to IWSR Drinks Market Analysis account for about 85 per cent of beer consumption in the $7 billion India market, together face a potential fine of around $280 million, sources told last year.

Any company executives found to have fixed prices could also be fined, though AB InBev could escape its share of the fines as it first reported the issue.

In cases such as this the next step would typically be for the companies to argue over penalties, with the CCI deciding on the extent of the leniency to be shown, said Gautam Shahi, a New Delhi-based antitrust lawyer who is not involved in the case.

After an internal investigation in 2017, AB InBev reported its detection of industry collusion under the CCI's so-called "leniency programme" that provides a whistleblower-type protection for cartel members.

The disclosures came after it discovered the Indian operations - which it acquired through its purchase of SABMiller Plc - had for years fixed beer prices with Carlsberg and United Breweries.

Carlsberg and United Breweries have also filed leniency applications in the case, though it is not clear how the CCI treated those submissions.

Separately, AB InBev is battling a city-wide ban in New Delhi for alleged evasion of state taxes, which the company denies.

(Reuters)

More For You

Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)
Getty Images

Economy shows no growth in July amid political turbulence

UK's ECONOMY showed no growth in July, according to official data released on Friday, adding to a difficult week for prime minister Keir Starmer’s government.

The Office for National Statistics (ONS) said gross domestic product was flat in July, following a 0.4 per cent rise in June.

Keep ReadingShow less
India’s IT sector

India’s $283 billion IT industry, which contributes more than 7 per cent to the country’s GDP, has for over three decades provided services to major clients including Apple, American Express, Cisco, Citigroup, FedEx and Home Depot.

iStock

India’s IT sector faces uncertainty as US proposes 25 per cent outsourcing tax

INDIA’s IT sector is facing uncertainty as US lawmakers consider a 25 per cent tax on companies using foreign outsourcing services.

Analysts and lawyers said the proposal has led to customers delaying or re-negotiating contracts, raising concerns in India, the world’s largest outsourcing hub.

Keep ReadingShow less
Rachel Reeves

'Our economy isn't broken, but it does feel stuck,' Reeves said, speaking alongside the release of a finance ministry report on business property taxation, known as rates.

Getty Images

Reeves signals possible changes to business property taxes ahead of budget

CHANCELLOR Rachel Reeves said on Thursday she is considering changes to business property taxes to support small firms looking to expand, as part of her plans to boost growth.

Reeves’ comments come ahead of her annual budget on November 26, at a time when concerns about possible tax rises and inflation are weighing on businesses and households.

Keep ReadingShow less
Rachel Reeves

Reeves pledged to keep a tight hold on spending to reduce inflation and borrowing costs amid concerns over Britain’s fiscal outlook.

Getty Images

Reeves urges ministers to back Bank of England on inflation

CHANCELLOR Rachel Reeves has said the government must support the Bank of England in bringing down inflation while also focusing on growth, ahead of a budget later this year that is expected to include tax rises.

Last week, Reeves said the economy was not “broken” as she announced November 26 as the date for her annual budget.

Keep ReadingShow less