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E-Malt.com Newsletter 22a
May 28 - May 30, 2018
Quote of the Week
I love the smell of hops in the morning. It smells like victory.
Nick Floyd - Three Floyds Brewing
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Currency Rates
Base Currency: US Dollar
on May 30, 2018 |
Base Currency: Canadian Dollar
on May 30, 2018 |
| |
1 USD = 0.8641 EUR
1 USD = 0.7534 GBP
1 USD = 1.3009 CAD
1 USD = 1.3296 AUD
1 USD = 108.8000 JPY
1 USD = 3.7324 BRL
1 USD = 62.6420 RUB
1 USD = 6.4130 CNY
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1 CAD = 0.7686 USD
1 CAD = 0.5791 GBP
1 CAD = 0.6642 EUR
1 CAD = 1.0219 AUD
1 CAD = 83.6200 JPY
1 CAD = 2.8688 BRL
1 CAD = 48.1030 RUB
1 CAD = 4.9291 CNY
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Currency Rates Chart
Equities of the Largest Breweries
USA: Production at half of US top 50 breweries did not grow last year
...Click here
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The Philippines & USA: San Miguel Brewery revives plan to open first brewery in the US
...Click here
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USA: Growers and maltsters adjusting to shift in demand for two-row barley varieties
...Click here
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USA, RI: Rhode Island taps into regional craft beer boom
...Click here
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USA, GA: Currahee Brewing Company expands to Alpharetta, Georgia
...Click here
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USA, PA: Coal Country Brewing to hold grand opening on June 2
...Click here
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Canada, ON: Fixed Gear Brewing Co. hopes to turn on its taps in Guelph by September
...Click here
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USA, MI: The Alpha Michigan Brewing Company already open in Alpha
...Click here
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USA, OH: Southern Tier Brewing Co. to open Cleveland facility by the last week of June
...Click here
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Canada, NB: O’Creek Brewing launches its first beer with more to come soon
...Click here
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USA, WI: Component Brewing eyeing mid-June opening in Milwaukee
...Click here
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World: Global alcohol consumption up 0.01% in 2017 after static 2016
...Click here
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Germany: Demand for non-alcoholic beer keeps growing but taste remains its Achilles’ heel
...Click here
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EU: European Commission to reshape rules governing alcohol duty in the EU
...Click here
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Australia: Hop Products Australia see bright future thanks to high demand for their hops
...Click here
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UK: Heineken rumoured to be in talks for a stake in craft brewer Beavertown
...Click here
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UK: Maltsters Association of Great Britain announces new barley varieties approved for brewing and distilling
...Click here
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Vietnam: Health ministry proposes to ban beer advertising on TV and social networks
...Click here
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India: Indians trading up when it comes to their favourite beers
...Click here
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India: State Bank of India likely to begin bankruptcy proceedings against Vijay Mallya in UK court
...Click here
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Graph of the Week
Table of the Week
US Malt Imports and Exports by by Value
Prices Evolution
Barley Prices
Theoretical Malt Prices
Scientific Digest
HOPE NEVER DIES, BUT...
ABSTRACT
This vague idea, that glycosidase activity helps to
increase hop aroma in dry hopped beers, may just stay
a dream for now. Using beers dry hopped with Mosaic
and using beta-glucosidase derived from aspergillus
niger, a group of German researchers showed that the
enzyme activity did not increase the concentration of
the hop flavour components analyzed. However it was
shown that more thiols (3-MH, 3-MHA and 4MMP)
were found in the beer than were dosed. This may be
due to the activity of other enzymes in the yeast strains
used that were not monitored.
REFERENCES:
Haselbeck, K.; The Release of Flavor Potential in Hops - Study on Mosaic Hops during Fermentation with S. cerevisiae and S. pastorianus. P. 3.9
Read more
Source: Barth Innovations
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These Days in Business History
28 May
1783 - Benjamin Tower of Philadelphia publishes 1st daily newspaper in U.S.
1849 - Patent for lifting vessels granted to Abraham Lincoln
1863 - Georg Adler, German state economist is born
1958 - Cuban Revolution
29 May
1527 - 1527 University of Marburg (Germany) founded
1848 - William G. Young patents ice cream freezer
1933 - Patent on invisible glass installation
30 May
1872 - Mahlon Loomis patents wireless telegraphy
1928 - John Keith Wright is born, English economist/asst sect of state, 1971-84
1974 - The Airbus A300 passenger aircraft first enters service
1975 - European Space Agency, ESA, forms
Agenda
May 2018:
16-18: Craft Beer China 2018 (Shanghai, China)
22-24: Beer 2018 (Sochi, Russia)
23-27: Latvia Beer Fest 2016 (Riga, Latvia)
31-02 June: Copenhagen Beer Festival 2018 (Copenhagen, Denmark)
June 2018:
06-09: Mondial de la Biere 2018 (Montreal, Canada)
07-08: The Brewers of Europe Forum 2018 (Brussels, Belgium)
10-13: ASBC Malt Flavor and Aroma Symposium 2018 (Roseville, MN, USA)
20-22: Sea Brew 2018 (Manila, Philippines)
29-01 July: Mondial de la Biere 2018 (Paris, France)
August 2018:
03-05: The 22nd International Berlin Beer Festival (Berlin, Germany)
07-11: The Great British Beer Festival 2018 (London, UK)
08-11: Vietfood & Beverage 2018 (Ho Chi Minh City, Vietnam)
10-11: Beervana 2018 (Wellington, New Zealand)
12-15: Brewing Summit 2018 (San Diego, USA)
September 2018:
04-06: food & drink technology Africa (fdt Africa) (Johannesburg, South Africa)
12-14: 6th International Symposium for Young Scientists and Technologists in Malting, Brewing and Distilling (Bittburg/Trier, Germany)
20-22: The Great American Beer Festival 2018 (Denver, USA)
22-07 October: Oktoberfest 2018 (Munich, Germany)
24-26: 9th Iberoamerican VLB Symposium 2018 (Recife, Brazil)
October 2018:
23-26: China Brew China Beverage 2018 (Shanghai, China)
24-26: drink technology India 2018 (Mumbai, India)
November 2018:
13-15: Brau Beviale 2018 (Nuremberg, Germany)
More events are available on site e-malt.com
News Articles
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USA: Production at half of US top 50 breweries did not grow last year
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For the second consecutive year, production at half of the craft beer industry’s top 50 companies didn’t grow, according to new data released by trade group the Brewers Association.
The organization, which published 2017 production figures for thousands of U.S. breweries in the latest issue of ‘The New Brewer,’ noted that 24 of the top 50 BA-defined regional craft brewing companies — those producing between 15,000 and six million barrels of beer annually — either declined or remained flat in 2017.
Vermont’s Long Trail Brewing and Massachusetts-headquartered Boston Beer Company experienced the most notable declines last year. Long Trail production fell a staggering 24 percent, to 100,000 barrels, while Boston Beer Company — which also makes a variety of tea, cider and hard seltzer products — saw its beer production dip 14 percent, to two million barrels, according to the BA.
Meanwhile, Louisiana’s Abita Brewing, Minnesota’s August Schell Brewing and California’s Green Flash Brewing each declined 10 percent.
Other noteworthy companies that experienced declines last year included Sierra Nevada (down 8 percent), Deschutes Brewery (down 9 percent), Ninkasi Brewing (down 8 percent), Rogue Ales & Spirits (down 7 percent) and Full Sail Brewing (down 9 percent).
Nevertheless, about two dozen of the country’s largest craft
...More info on site
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Canada: Number of breweries up 17.6% last year
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In some ways, 2017 was a historical year for the Canadian beer industry, Beer Canada said in its updated Industry Trends report. The number of operational brewing facilities across the country increased by 17.6% from 695 in 2016 to an all-time high of 817 in 2017. Over half of the 817 brewing facilities are located in either Ontario or Québec. In Canada, the number of brewing facilities per every 100,000 drinking age adults increased by 16.8% from 2.4 to 2.8 breweries for 2017 over the previous year. Using the same per capita measure, New Brunswick maintained the title for the most operational brewing facilities with 6.5, followed by Nova Scotia and PEI with 6.4 and 5.0 respectively. Coming in last was Manitoba with 1.0.
While the number of operational brewing facilities continues to climb, national production and national sales volumes have remained relatively flat. National production increased by 0.3% from 22.36 million hectolitres (hL) in 2016 to 22.43 million hL in 2017. Domestic sales declined 1.5% from 18.84 million hL in 2016 to 18.56 million hL in 2017. Over the same period, import sales increased by 1.0% from 3.58 million hL to 3.62 million hL. In total, national sales fell 1.1%
...More info on site
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The Philippines & USA: San Miguel Brewery revives plan to open first brewery in the US
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San Miguel Brewery Inc. (SMB) has revived its plan to put up its first brewery in the US, allotting an investment of $100 million within the year, the Philippine Star quoted the company’s top official as saying on May 30.
SMB chairman Ramon Ang said the company is in the final stage of checking the license and tax environment in the US.
“What are the taxes, is there an incentive for taxes, are there transfer taxes and distribution taxes? We need to understand all of that before we jump to put up a brewery,” he said.
Once all of these are ironed out, SMB can start building a brewery in the US, he added.
“(We can start construction) as soon as we get the final numbers on the viability,” Ang said.
The US is already a huge export market for the company and putting up a brewery there will translate to cost savings.
“The US is a big export market for us. It’s better for us to put up a plant there to save on freight and hauling,” Ang said.
The company first announced plans to put up a brewery in the US last year. At that time, Ang said he was heading to the US to
...More info on site
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USA: Growers and maltsters adjusting to shift in demand for two-row barley varieties
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Last year, microbreweries accounted for more than 23 percent of the $111.4 billion U.S. beer market and craft beer volume sales increased 5 percent, continuing a trend of rapid growth in recent years, while overall beer volume sales were down 1.2 percent.
That's a significant switch for barley growers and malters in North Dakota and Minnesota, both major states in barley production, where six-row barley has been grown for more than a century and still predominates, although two-row varieties are gaining in both states, the AG Week reported on May 26.
The shift has come as major commercial brewers, responding to consumer preferences involving the qualities and varieties of craft beers, have followed suit. The transition to two-row barleys was given a big boost six or seven years ago, when Anheuser-Busch InBev announced it would focus on developing two-row varieties, said Marv Zutz, executive director of the Minnesota Barley Growers, based in Red Lake Falls.
Cargill, in fact, recently cited the continuing switch to six-row barley and the western migration of barley production as reasons for shutting down its malting plant in Spiritwood, N.D., which employs 55 workers.
But barley growers, who are facing flat-to-declining demand for beer overall, are not quick to complain
...More info on site
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USA, RI: Rhode Island taps into regional craft beer boom
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Vermont produces more craft beer per capita than any other state. Maine ranks third for breweries per capita nationwide. Boston has beer gardens across from City Hall and under an expressway.
But as the high renaissance of craft beer in New England has thrived, Rhode Island has struggled to keep up — until now, the Boston Herald reported on May 26.
There is cause for hoppy optimism in the nation's smallest state, where lawmakers in 2016 moved to alleviate a harsh regulatory environment for craft beer manufacturers. The state could see record growth this year.
Rhode Island saw a higher proportional increase in brewery licenses from 2016 to 2017 than any other state besides Oklahoma, according to federal data. The 10 licenses issued are an indication the state's number of breweries — around 20 — could soon grow rapidly, according to Bart Watson, an economist with the Brewers Association, a group that tracks the craft beer industry.
"In Rhode Island, we have seen some improvements," Watson said.
Friends Donald Greenwood and Andy Sockol were drinking on May 24 at Long Live Beerworks in Providence. They are self-proclaimed beer chasers, traveling around New England to hunt for new brews.
Rhode Island is "no longer the black sheep
...More info on site
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USA, GA: Currahee Brewing Company expands to Alpharetta, Georgia
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There’s a new spot in north Fulton County for folks to get their craft beer fix, the Atlanta Journal Constitution reported on May 29.
A Franklin, North Carolina brewing company, Currahee, has expanded to Alpharetta, setting up a microbrewery downtown on 25 South Main Street.
The brewery opened its doors to the public on May 24 with seven beers on tap and more available in cans and bottles.
Currahee opened its first brewery in western North Carolina in July 2016. The Alpharetta location is its second brewery, spanning over 2,600 square-feet in a space that was once home to Hop Alley Brewpub.
A food truck was on site for the brewery’s grand opening, but it will not be regularly serving food.
Year-round, Currahee will offer an IPA, a German-style lager and a Belgian-style golden ale. Seasonal brews include a coffee stout, an amber ale and a Berliner Weisse. A complete and updated beer list is available on its Facebook page.
According to the company’s website, its name comes from the Cherokee Indian language. Currahee, the company says, means “Stand Alone,” and was the motto of the 506th Infantry Regiment, a World War II unit.
Hours for Currahee Brewing Company are 4 p.m. to 9 p.m., Monday through
...More info on site
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USA, PA: Coal Country Brewing to hold grand opening on June 2
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Coal Country Brewing in Ebensburg is set to open next weekend, WTAJ reported on May 26.
The owner, Mike Kutchman, says he's a home brewer who has always wanted to one day have his beer on tap.
He came up with the coal mining theme because he said the brewery would be in the heart of what used to be coal country.
"My whole family worked in local mines here," Kutchman told us. "It's kind of our tribute to them."
The grand opening is Saturday, June 2, 2018.
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Canada, ON: Fixed Gear Brewing Co. hopes to turn on its taps in Guelph by September
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A new microbrewery hopes to have the taps turned on in Guelph by September, GuelphToday reported on May 26.
Fixed Gear Brewing Co. is in the process of acquiring the necessary licences to open at 20 Alma Street, in The Junction neighbourhood of Guelph west of downtown.
A staff report going to City Council's committee of the whole meeting June 5 asks council to endorse Fixed Gear's application to the Alcohol and Gaming Commission of Ontario for a manufacturer’s limited liquor sales licence that would allow it to serve beer by the glass on site up until 9 p.m., similar to set ups at other Guelph microbreweries.
The licence is seen as a way of helping market and promote the product.
The brewery has also applied for the licence to sell its product on site.
"Staff concur sales by the glass will assist in showcasing the products of Fixed Gear Brewing Company and, therefore, do recommend that Council pass a resolution of support for Fixed Gear Brewing Company’s application for a Manufacturer’s Limited Liquor Sales Licence," says the city report heading to council.
The owner of Fixed Gear Brewing Co. politely declined an interview until all the proper licences have been secured.
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USA, MI: The Alpha Michigan Brewing Company already open in Alpha
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A ribbon cutting ceremony was held at a new micro-brewery in Alpha Michigan on Friday, May 25 where three friends decided to start brewing craft beer, the ABC 10 News reported.
The Alpha Michigan Brewing Company is trying to bring their town some new craft beer as well as help bring the community a little closer. They are trying to bring more businesses to their small town and focus on creating a fun environment for their customers.
They also strive to create their beer with different ingredients and increase the amount of recipes at their micro-brewery. These recipes are unique because these brewers make it a goal to always use some local ingredients in their beer.
“We got 7 core recipes that we are working with now and we got plenty of beer in inventory,” said, Partner in Alpha Michigan Brewing Company, Stuart Creel. “We will continue to explore new recipes and new ideas but our primary focus is we try to use a lot of local things. We have a farmer just down the road that provides us with some grain. So we mix in some local grain with some of the other grains. We also have local hops grown, so we
...More info on site
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USA, OH: Southern Tier Brewing Co. to open Cleveland facility by the last week of June
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In about a month, Southern Tier Brewing Co. - based in western New York - aims to open its brewery-taproom at 811 Prospect Ave. in Cleveland the last week of June. It will be a lot more than just a corner bar: The two-story space covers 15,000 square feet not including the kitchen, will offer private dining, and have 30 taps flowing with its beer. It will be able to seat 225 people, Cleveland.com reported on May 29.
It's a big project, but it's not fazing Jim Stillwagon, general manager for the brewery, which is owned by Artisanal Brewing Ventures. Southern Tier has been distributed in Cleveland for 10 years. Artisanal Brewing Ventures is considered the nation's 14th largest craft brewery (by comparison, Great Lakes Brewing Co. is 20th.)
"We've done this a couple of times," he said.
The Lakewood, N.Y.-based brewery has a similar satellite taproom-brewery in Pittsburgh and another in Charlotte. The latter is a combined effort with ABV's sister brewery, Victory, of Downingtown, Pa. But unlike that one, the Cleveland location will feature Southern Tier beers only. Like the one in Pittsburgh, it's close to major sports venues.
"In Charlotte, the beer is produced with the intent of distributing throughout the
...More info on site
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Canada, NB: O’Creek Brewing launches its first beer with more to come soon
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The Atlantic Canada Beer Blog reports that the newest brewery in the Maritime provinces has launched its first beer, with more to come soon.
O’Creek Brewing has been founded by Patrice Daigle, who is brewing on 1-barrel system based out of his home in Dieppe, NB.
The inaugural beer from O’Creek is Route 117 NEIPA (6.5% abv), which ACBB describes as follows:
Named after the coastal highway that connects Kouchibouguac and Miramichi, this hoppy and hazy brew features loads of Mosaic, Citra, and Amarillo hops throughout the brewing and fermenting process.
O’Creek made its public debut this past weekend at the Atlantic Beer Festival in Moncton, and Route 117 should be available on tap soon at select local bars and restaurants, along with future O’Creek beers including a Saison and an American Pale Ale.
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USA, WI: Component Brewing eyeing mid-June opening in Milwaukee
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Jonathan Kowalske hasn't exactly had a lot of time to consider what will be the first brew served by his Component Brewing. It's been maybe a month, the Milwaukee Journal Sentinel reported on May 25.
Kowalske plans to open Component Brewing on Milwaukee's south side in mid-June with his cousins, Steve and D.J. Kowalske, at 2018 S. 1st St., in the Lincoln Warehouse brewery and taproom recently vacated by Eagle Park Brewing.
In April, Eagle Park opened a brewery and restaurant at 823 E. Hamilton St., the spot previously used by Like Minds Brewing, which expected to move to Bay View but disbanded.
It's like an old-school math problem, and the correct answer is turnkey building.
Jonathan Kowalske, the longtime home brewer in the family, will open Component Brewing with a Pilsner.
"It's something we've been working on for a little while, and I think we have our process down," he said.
Pilsners, by nature, have to be error-free. Plus, it's a practical choice.
"Everybody brings their friend who says, 'What do you have that tastes like Miller Lite?'"
Jonathan wants to brew lagers, because "clean pale lagers are not that well represented in the Milwaukee beer scene."
He also plans a highly hopped India Pale
...More info on site
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World: Global alcohol consumption up 0.01% in 2017 after static 2016
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Total global alcohol consumption grew slightly in 2017, increasing by 3.5 mln nine-litre cases versus 2016, according to data just released by the IWSR.
Though
...More info on site
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UK: Q1 beer sales drop by 1.7%
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UK beer sales dropped by 1.7% to their lowest point in two years, according to new data from the British Beer and Pub Association
...More info on site
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Germany: Demand for non-alcoholic beer keeps growing but taste remains its Achilles’ heel
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With a plethora of microbreweries, German beer drinkers now have some 400 alcohol-free brews to choose from. Taste remains the Achilles' heel of non-alcoholic
...More info on site
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EU: European Commission to reshape rules governing alcohol duty in the EU
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The European Commission has proposed a series of measures to reshape the rules governing alcohol duty in the EU, steps it said will benefit small and artisan producers, the New Food reported on May 29.
The shake-up could see a uniform certification system brought in across the bloc, “confirming the status of independent small producers” and their access to lower rates of duty in a bid to cut the administrative and compliance costs.
According to the commission, consumer health will also benefit from a crack-down on the illegal use of tax-free denatured alcohol to make counterfeit drinks.
Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: “The EU’s common rules on the structures of excise duties on alcohol and alcoholic beverages are over 25 years old and in urgent need of an update so that they can keep pace with the challenges and opportunities offered by new technology and trade developments, while protecting public health. I encourage Member States to move ahead quickly and decisively with this review.”
The commission also said the proposal would:
Ensure a precise and consistent classification of cider across the EU. Currently, small cider producers do not have access to the reduced rates afforded to small
...More info on site
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Latvia: Beer output up 11% in 2017
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Latvia’s beer output amounted to 72 mln litres last year, which is an 11% increase on 2016, local media reported citing data by the
...More info on site
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Australia: Hop Products Australia see bright future thanks to high demand for their hops
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The biggest hop producer in Tasmania says the demand for their hops is making the future look bright with expansion plans in the air, ABC Local reported on May 29.
Hop Products Australia has detailed the latest harvest at Bushy Park in the Derwent Valley and in the Ovens Valley in Victoria.
Managing Director of HPA Tim Lord says the harvest this year saw an increase in yield of just over 10 per cent from last season.
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UK: Heineken rumoured to be in talks for a stake in craft brewer Beavertown
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Beer and cider giant Heineken is rumoured to be in talks to take a stake in craft brewer Beavertown, the Morning Advertiser reported on May 29.
According to sources, the Dutch brewer is set to buy into the brand, which was founded in 2012 by Logan Plant.
If true, the deal could be similar to the beer behemoth’s in Brixton Brewery last year.
Beavertown did not respond to a Morning Advertiser request for comment, however, a Heineken spokeswoman said: “It’s our policy not to comment on rumour and speculation in the marketplace.”
Earlier this month, Beavertown announced plans to move the brewing of some of its flagship beers to Belgium, ahead of a move to a new “large-scale production facility” in 2019.
Gamma Ray and Neck Oil will be brewed at Brouwerij De Brabandere, Belgium, and exported to the UK in kegs.
The move was announced in a post on Beavertown’s website, which read: “Over the past four years we haven’t always been able to be immediately forthcoming with beer due to not growing beyond our production means and capacity constraints on site.
“It’s been update after update, new FV’s after new FV’s, hop cannons, centrifuges and brewing at Redchurch to help provide temporary respite from a
...More info on site
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UK: Maltsters Association of Great Britain announces new barley varieties approved for brewing and distilling
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Fairing and Olympus have been given by the Maltsters Association of Great Britain Full Approval for grain distilling use in the UK, following changes to the approval protocol specific to grain distilling varieties, FG Insight reported on May 25.
Chanson has been moved to Provisional Approval 2 for brewing. Electrum has been given Provisional Approval 1 for brewing. LG Diablo has been given Provisional Approval 1 for brewing and malt distilling. RGT Asteroid has been given Provisional Approval 1 for brewing, malt distilling and grain distilling use.
Talisman has been removed from the list for brewing.
Tracy Creasy, seeds marketing manager for Syngenta said: “The promotion of Craft is significant because Craft offers growers a yield boost over other winter malting barley varieties with Full MBC Approval for brewing use on the current AHDB Recommended List
“At the same time, Craft also offers outstanding grain quality – in particular hot water extract, which is important because it represents a higher alcohol yield for end users.
“Meanwhile, the promotion of spring barley Fairing to Full Approval for grain distilling use on the List is highly significant because, for harvest 2018, there were no varieties that had Full Approval for this use.
“Fairing was bred specifically to meet
...More info on site
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Vietnam: Health ministry proposes to ban beer advertising on TV and social networks
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Vietnam’s health ministry wants to clear promotional images of beer from TV and social networks. The ministry has proposed an advertisement ban on beer in an attempt to cut consumption in one of the world's heaviest drinking populations, VnExpress International reported on May 26.
The ministry is seeking public opinions for its proposal to impose a ban on beer advertisement, an extension from a current ban on wine advertisement, Tran Thi Trang, deputy head of the ministry’s legal department, said at a meeting on May 25.
Under the proposal, beer and alcoholic beverage companies would be banned from any form of promotions of products with more than 15 percent alcohol. Products with lower alcohol volume would be banned from advertisements in public places, televisions and movies, those which are exposed to children audiences.
"Vietnam has been considered an interesting beer market. But we currently do not have strict regulations to restrict the consumption among children and teenagers, who now have all-time access to beer advertisements," Trang said.
The ministry also recommended that all beer and wine products not be advertised on social networks, and that alcoholic drinks not allowed to be given as gift to consumers, or used as prize for contests.
The proposal is
...More info on site
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India: Indians trading up when it comes to their favourite beers
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When Rahul Singh opened The Beer Café (TBC) at Gurugram’s Ambience Mall in 2012, he’d mortgaged his house and taken out a ₹3 crore loan, with no Plan B. His previous business, Golfworx – an indoor golf concept club – had failed; if TBC went the same way, he’d be jobless and heavily in debt. Luckily, his punt paid off: Today, the homegrown chain has expanded to 40 outlets across 13 cities, with a presence in Tier 2 cities such as Amritsar, Ludhiana, Mohali and Lucknow, GQ India reported on May 26.
His background as a retailer – Singh was apparel director at Reebok for nearly eight years – meant an immense working knowledge of the country’s retail landscape. Within one year of opening in Gurugram, he followed through on his goal to take his café to small-town India, where he saw an untapped opportunity. “India’s economic potential lies in the growth of smaller cities that have been witnessing a transformation. Higher disposable incomes for young people, greater social acceptance of alcohol consumption among men and women and a growing late-night culture are all helping the growth of beer,” says Singh. With the most recent TBC having opened at The Pavilion
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India: State Bank of India likely to begin bankruptcy proceedings against Vijay Mallya in UK court
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State Bank of India is likely to begin bankruptcy proceedings against absconding businessman Vijay Mallya in a UK court, according to an Economic Times report.
Lawyers representing Mallya and SBI told the paper that the bankruptcy application would be filed soon.
"The lenders would have to first prove beyond doubt that Mallya owes them money, which is not less than 5,000 pounds, for their claim to be admitted and that will not be a problem because the English courts have recognised the Indian debt recovery tribunal order against Mallya," a source told the paper.
The Group Chairman of United Breweries reportedly owes SBI Rs 1,600 crore, which he had taken as loan for the now defunct Kingfisher Airlines.
Two weeks back, a British court refused to overturn a ruling by India's Debt Recovery Tribunal and upheld a worldwide freezing order on Mallya's assets.
The case in Debt Recovery Tribunal was filed by an SBI-led consortium of 13 banks to recover around $1.5 billion from the defunct carrier.
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