In an exclusive conversation with CNBC-TV18, Telangana Excise Commissioner Hari Kiran clarified that there have been no pending dues to the beer industry since September 2024. The state government has been adhering to a 45-day payment cycle to settle dues with the industry.
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However, the commissioner acknowledged that payments for the period between April and August 2024 are still pending. These outstanding dues have already been submitted to the finance department for processing.
Addressing the possibility of a price revision for beer, Commissioner Kiran stated that the decision lies with the Price Fixation Committee. This committee, formed last year and chaired by a retired judge, is currently reviewing the matter. A final decision will be made once the committee submits its recommendations.
This development comes as a positive signal for United Breweries, the maker of Kingfisher beer. Earlier in the day, the company’s shares dropped sharply following reports of a suspension in beer supply to Telangana Beverages Corporation Ltd (TGBCL).
Despite the intra-day volatility, the United Breweries’ stock recovered, closing at ₹1,990.50 on the NSE after hitting a low of ₹1,919.20. The stock had opened at ₹2,080 and reached an intra-day high of ₹2,084.25.
TGBCL, a public sector entity, controls the wholesale and retail sale of alcohol in Telangana, including Indian-made foreign liquor (IMFL) and beer. It holds a monopoly over alcohol distribution in the state.
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(Edited by : Shoma Bhattacharjee)
First Published: Jan 8, 2025 5:14 PM IST
