Japan’s Kirin Holdings is reportedly in talks to pull out of B9 Beverages, the parent company of Indian craft-beer brand Bira 91, as B9 battles mounting losses and liquidity issues.
- Kirin holds a 20.1% stake in B9 Beverages, while B9’s founder Ankur Jain and his family reportedly hold around 17.8%.
- According to sources, Kirin has engaged EY to manage an exit by selling the debt it provided to B9 in two tranches.
- The conversation around Kirin’s exit has reportedly been underway since October 2025, with Ankur Jain in talks with Kirin’s Tokyo headquarters.
- Kirin has declined to publicly confirm a full exit, stating instead that it’s working with other shareholders and creditors on a broader restructuring plan.
Kirin’s potential exit from B9 Beverages marks a critical turning point for Bira 91 and for India’s craft beer ecosystem more broadly. What started as a promising bet on a fast-growing, trendy beer brand now looks like a cautionary tale of overexpansion and capital mismanagement.
From Kirin’s perspective, this is a strategic rethink. The Japanese brewer seems to be reassessing its global footprint, especially as it faces its own financial pressures. Their decision to exit, or at least reduce exposure, is a clear sign that B9’s trajectory hasn’t aligned with initial growth ambitions.
