Ankur Jain, founder of B9 Beverages, has agreed in principle to relinquish control of the Indian beer maker behind the Bira brand, as investors push for a comprehensive reset amid acute financial stress and mounting liquidity concerns.
Negotiations between Jain and shareholders have been ongoing for weeks and are now approaching a structure that would see him step back to allow external professional management to take charge. Investors have long made clear that any meaningful rescue or fresh capital infusion would depend on a change in leadership, a condition Jain initially resisted before pressure intensified.
The talks coincide with growing uncertainty around the shareholder base. In November, it emerged that Kirin Holdings is planning an exit from B9 Beverages as cash pressures at the brewer worsen and prospects for a near-term turnaround remain uncertain (inside.beer, 26.11.2025). The potential withdrawal of the Japanese group would mark a significant shift in the ownership structure and further underline the depth of the crisis facing the company.
Financial strain has been exacerbated by the lack of new funding and by personal liabilities incurred by Jain after borrowing to buy out shares from existing investors. In one case, equity pledged as collateral to a trust linked to Sunil Munjal was invoked in October. At the operating level, liquidity issues have also resulted in failures to deposit tax deducted at source for employees for more than six months, raising regulatory and governance concerns.
Internal pressure has added to investor demands. In October, more than 250 employees petitioned the board, major shareholders and the company’s largest lender, Anicut Capital, alleging governance lapses, lack of transparency, delayed salaries, unpaid statutory dues and unresolved creditor disputes. The unrest highlighted deepening concerns about the company’s ability to stabilise operations.
The leadership crisis comes against a sharp deterioration in financial performance. B9 Beverages reported a net loss of INR 748 crore (USD 898 million) in FY24 on revenue of INR 638 crore (USD 769 million), reflecting heavy operating and exceptional charges, while beer volumes fell to an estimated 6–7 million cases from 9 million cases a year earlier. The company has yet to publish its FY25 results. With India’s peak beer season approaching, investors are increasingly focused on resolving governance and ownership questions quickly if operations are to be revived ahead of summer 2026.
In July, the brewer announced a management reshuffle, appointing Vikram Qanungo as chief financial officer and making senior hires across manufacturing and sales. As negotiations near a conclusion, the combination of Jain’s planned step-back and Kirin’s intended exit is expected to play a decisive role in determining the future direction of one of India’s most prominent beer brands.
