29 October 2025
Japan-based brewer Kirin Holdings Co., Ltd. and Indian investment firm Anicut Capital Partners have assumed control of the pub and bar chain operated by B9 Beverages Ltd. (the parent company of Bira 91). The takeover was triggered by the invocation of pledged shares in the subsidiary, following concerns over declining sales and growing financial pressure.
The subsidiary in question, Better Than Before (BTB), which runs the “The Beer Café” chain and other food & beverage ventures, had its shares pledged as collateral. When the debt obligations were not met, the lenders (Kirin & Anicut) exercised their rights and took over the asset.
From a legal standpoint, the founder of Bira 91, Ankur Jain, has challenged the move in the Delhi High Court, asserting that BTB remains a wholly-owned subsidiary of B9 Beverages and that the lenders’ action violated contractual terms.
This development marks a notable shift in ownership and underscores the challenges facing certain segments of India’s craft beer and hospitality industry.
Japan-based brewer Kirin Holdings Co., Ltd. and Indian investment firm Anicut Capital Partners have assumed control of the pub and bar chain operated by B9 Beverages Ltd. (the parent company of Bira 91). The takeover was triggered by the invocation of pledged shares in the subsidiary, following concerns over declining sales and growing financial pressure.
The subsidiary in question, Better Than Before (BTB), which runs the “The Beer Café” chain and other food & beverage ventures, had its shares pledged as collateral. When the debt obligations were not met, the lenders (Kirin & Anicut) exercised their rights and took over the asset.
From a legal standpoint, the founder of Bira 91, Ankur Jain, has challenged the move in the Delhi High Court, asserting that BTB remains a wholly-owned subsidiary of B9 Beverages and that the lenders’ action violated contractual terms.
This development marks a notable shift in ownership and underscores the challenges facing certain segments of India’s craft beer and hospitality industry.
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