The Board of Directors of Varun Beverages approved plans on Tuesday to enter the ready-to-drink alcoholic beverage (alcobev) category and related product segments. The company plans to establish a wholly-owned subsidiary in India named Kiva Spirits and Company.
Priyatmash Mishra, a former executive from Diageo, has been appointed to lead this new structure. He will serve as the Chief Executive Officer (CEO) and Managing Director (MD) of Kiva Spirits and Company. This was reported in documentation filed with the stock exchange.
Mishra joins Varun Beverages from Diageo, where he held positions as MD and CEO for the South Korean and Japanese markets. According to the submitted reports, he was responsible for driving business growth and providing strategic leadership in two complex premium Asian markets.
Previously, Mishra also held several senior roles at Diageo India. For seven years, he worked as the Chief Commercial Officer, overseeing the company's sales and commercial strategy. Before that, for three years, he served as the Chief Operating Officer (West), supervising regional operations and performance.
Furthermore, he was the chairman of Royal Challengers Bengaluru, where he helped transform the franchise into one of India's most commercially successful sports brands. Before moving to Diageo, he worked at Pernod Ricard India, where he also held management positions. His career began in 1993 as an management trainee at Inertia Industries, followed by work at Mohan Meakin, before joining Pernod Ricard in 2000.
The company proposed equity capital of approximately 10 crore and equity capital of approximately 9 crore, and requires approvals from the Ministry of Corporate Affairs. In May, Varun Beverages signed a revised exclusive bottling agreement with PepsiCo. This agreement extended the bottling term until April 30, 2049, and removed the restriction that the company could only operate as a special project venture for PepsiCo's business.
In 2025, Varun Beverages' African subsidiaries partnered with Carlsberg Breweries A/S for the distribution of the latter's beer.
The board also approved the creation of a joint venture (JV) in Tunisia to conduct business in the production and distribution of beverages, including carbonated soft drinks, juices, water, and dairy products. The proposed equity capital for this JV is 9 million Tunisian dinars. Varun Beverages will own 75 percent of this joint venture, with the remaining stake belonging to Bevanda (Tunisia).