IGL Spirits Limited may not be a name that's known to everyone in the whisky world, but it's been around in the Indian alcohol industry for a long time. It's had a variety of manufacturing arrangements over the years, from making spirits for Bacardi to working with Amrut Distilleries. It's more than a company that makes its own spirits. On 4th November 2026 IGL Spirits commenced trading separately on the Indian stock exchanges following its split from India Glycols Limited.
During FY2025-26, the company reported sold 30 million cases of potable spirits. From the scale to manufacturing capabilities and the partnerships with important entities in the Indian alcohol market. Here's how the IGL spirits business model works and where Bacardi and Amrut fit in.
IGL Spirits Limited came out of the spirits business of India Glycols which had built up its alcohol manufacturing operations over the years. It had a distillery at Kashipur, Uttarakhand commissioned in 1999 and a liquor bottling plant in 2002. An Extra Neutral Alcohol (ENA) plant was set up in 2003 and the company expanded its manufacturing footprint to Gorakhpur, Uttar Pradesh in 2006.
Over the subsequent years the business expanded out of just alcohol production to include branded whisky, vodka and rum as well as contract manufacturing. They started working with Bacardi in 2010, established a rum maturation facility in 2014 and entered into a partnership with Amrut Distilleries in 2024.
IGL Spirits was incorporated as a separate entity in November 2024. The demerger became effective in September 2026, which allowed the spirits and biofuels businesses to operate independently of India Glycols.
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The IGL Spirits business model is one of production, bottling, proprietary brands and manufacturing for others. The range of products is whisky, vodka, rum, Indian made foreign liquor (IMFL) and branded non-IMFL.
Its own portfolio is Amazing Vodka, Single Reserve Whisky, Soulmate Whisky and Zumba Rum. It also makes ENA (a purified alcohol) which is used in the manufacture of alcoholic drinks. The Kashipur and Gorakhpur manufacturing facilities are used for both its own brands and those made under commercial arrangements.
The company is also in the biofuels space. The potable spirits and biofuels business in India is therefore an important part of IGL's overall business. In FY2025–26, potable spirits generated revenue of INR 1,331 cr and biofuels INR 1,470 cr.
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The IGL Spirits-Bacardi relationship goes right back to 2010 when IGL began co-packing Bacardi in India. That has now grown into a much broader manufacturing relationship covering bottling, packaging, the supply chain, regulatory permissions and distribution.
In 2014 IGL set up a dedicated rum maturation facility for the Bacardi range. The manufacturing covers Bacardi Carta Blanca, Bacardi Limon and Bacardi Breezer (which is a carbonated product and requires special carbonation). The facility supports Bacardi's supply in North and East India.
This is fundamentally a manufacturing and operational support relationship. Bacardi owns the brands and IGL provides the manufacturing and associated services. It enables Bacardi to use the Indian manufacturing base without IGL becoming the owner of the products.
Wondering if Bacardi Carta Blanca is a white rum? Discover its ingredients, ABV, and taste profile.
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The IGL Spirits Amrut partnership kicked off in November 2024 via a royalty based brand licensing arrangement between India Glycols and Amrut Distilleries of Bengaluru. IGL was granted the right to manufacture, bottle, market and distribute a range of Amrut brands in the specified northern Indian markets.
The first arrangement was for the products MaQintosh Whisky, Old Port Rum and Bejois XO Brandy and MaQintosh White Label Whisky. The MaQintosh Whisky and Old Port Rum IGL connection is therefore one of licensing and manufacturing rights rather than ownership of the brands.
The Amrut Distilleries franchise agreement in North India was subsequently expanded. In August 2025 India Glycols announced the addition of Prestige Whisky on a royalty basis. IGL's latest partnership announcement also includes the addition of Prestige Green Classic Whisky, Amalgam and the distribution of Fusion Single Malt Whisky in certain selected northern markets. These are not arrangements involving ownership of Amrut Distilleries or its single malt range.
Curious about Old Port Deluxe Rum? Explore its tasting notes, price, and everything you need to know before buying.
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The IGL Spirits listing in India took place on 4th November 2026 with the company commencing trading on the BSE and the National Stock Exchange as a result of the demerger from India Glycols.
For FY2025–26, the potable spirits and biofuels operations delivered combined revenue of INR 2,801 cr and EBITDA of INR 492 cr. The annual production capacity was 136 million litres of potable alcohol and 379 million litres of ethyl alcohol.
The standalone listing will separate those businesses from the rest of India Glycols' operations and give investors a much clearer picture of their performance. The 30m cases reported do however include a number of spirits categories and should not be read as whisky cases only.
The information in the article is drawn from official company disclosures, investor presentations and stock exchange filings. It covers IGL Spirits' business structure, its arrangements with Bacardi and Amrut Distilleries, corporate developments and the FY2026 financial results.
IGL Spirits operates at a number of levels within the Indian alcohol industry. It produces its own liquor brands, it manufactures for Bacardi and it has a relationship with Amrut Distilleries via licensing and distribution.
It has a large presence in the Indian spirits market thanks to its manufacturing facilities, its range of partnerships and its volumes. With its independent listing on the stock market it's now getting a lot more attention as a business that's been operating for a long time behind a number of well known alcohol brands.
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