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Carlsberg India is reportedly eyeing a valuation between Rs 30,000 crore and Rs 35,000 crore
Danish brewing giant Carlsberg prepares to uncork a blockbuster Initial Public Offering (IPO) for its Indian subsidiary in 2026 and market watchers are looking beyond the headline listing to find second-order beneficiaries. Emerging as a key proxy play in this narrative is Asgard Alcobev (formerly Banganga Paper Industries), a small-cap company that has aggressively pivoted from paper trading to contract brewing, positioning itself as a vital vendor to Carlsberg India.
Driven by rising sales and a ‘premiumisation’wave in the Indian alcohol market, Carlsberg India is reportedly eyeing a valuation between Rs 30,000 crore and Rs 35,000 crore. The IPO is intended to unlock value in one of the brewer’s fastest-growing markets, where it holds a strong #2 position (approx. 20 per cent market share) behind United Breweries.
The capital raised is expected to fuel deeper market penetration and capacity expansion—a move that directly impacts the supply chain partners responsible for brewing and bottling its popular Carlsberg Elephant and Tuborg brands.
In a strategic overhaul completed in early 2026, the company rebranded and acquired a controlling ~79 per cent stake in CMJ Breweries, a robust brewing facility based in Meghalaya.
This acquisition effectively transformed the company into a pure-play liquor contract manufacturer. CMJ Breweries is not a fledgling startup; it is an established facility in Northeast India that serves as a franchise and contract manufacturing partner for industry heavyweights, most notably Carlsberg India and United Breweries (Kingfisher).