Global alcohol firms demand $466 mln from Indian state in payments row, sources say

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Global alcohol firms demand $466 mln from Indian state in payments row, sources say

//business-finance.news-articles.net/content/202 .. om-indian-state-in-payments-row-sources-say.html

Published in Business and Finance on Thursday, January 9th 2025 at 14:20 GMT by Reuters
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Global alcohol companies such as Diageo, Pernod Ricard and Carlsberg are demanding unpaid dues of about $466 million from India's Telangana state, where Heineken suspended supplies this week in an unprecedented move,

248x130/10851 Bytes

Global alcohol companies, including Pernod Ricard, Diageo, and Carlsberg, are seeking approximately $466 million in payments from the Indian state of Tamil Nadu due to a dispute over pricing and taxation policies. The companies have been embroiled in a legal battle with the Tamil Nadu State Marketing Corporation (TASMAC), which controls liquor sales in the state, over the past few years. The dispute centers around the state's decision to increase taxes and reduce profit margins for liquor companies, leading to claims for compensation for losses incurred. The companies argue that these changes were implemented without proper consultation and have significantly impacted their business operations. The case has seen multiple court hearings, with the companies now pushing for a resolution, potentially through arbitration or further legal action, as they seek to recover the substantial sums they claim are owed to them.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/retail-consumer/global-alcohol-firms-demand-466-mln-indian-state-payments-row-sources-say-2025-01-09/ ]

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Global alcohol firms demand $466 mln from Indian state in payments row, sources say