Asahi Group Announces Debut in India’s Non-alcohol/Non-carbonated Beverage Market

TOKYO--(BUSINESS WIRE)--Jun 18, 2026--

Asahi Group Holdings, Ltd. announced today that it has entered into a business alliance agreement for franchising the CALPIS brand with Varun Beverages Limited (“Varun Beverages”), an India-based manufacturer, distributor and seller of non-alcohol beverages, to introduce the CALPIS products into the Indian market.

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Starting in the second half of 2026 or thereafter, a ready-to-drink, non-alcohol/non-carbonated dairy based product will be launched under the name CALPIS , with two flavor offerings: Original and Mango. This marks Asahi Group’s first entry into India’s non-alcohol/non-carbonated beverage market.

CALPIS is Japan’s pioneering fermented milk-based beverage with a refreshingly sweet and tangy taste that has been enjoyed for more than a century. The brand offers a variety of products, including a concentrate for home preparation and ready-to-drink versions.

Under this alliance, Asahi Group Holdings will be responsible for product development and providing technical support for the production of CALPIS-branded beverages, while its local subsidiary will oversee marketing and brand management. Varun Beverages will handle manufacturing, distribution and sales. This alliance enables Asahi Group to focus on product development and marketing in India, while Varun Beverages adds a product with unique value to its portfolio—creating a partnership expected to deliver mutual benefits.

India, with a population of over 1.4 billion—the largest in the world—is an extremely promising market for non-alcohol beverages. The market has grown remarkably, expanding by approximately 2.3 times in volume over the past decade through 2025.* The market is expected to offer numerous growth opportunities, driven by factors such as population growth, the expansion of the wealthy middle-class, and rising health-consciousness among consumers.
* Source: GlobalData

Founded in the 1990s, Varun Beverages is the second largest franchisee of PepsiCo outside the United States, with 53 production facilities inclusive of India and abroad. Asahi Group plans to leverage Varun Beverages’ production capabilities and nationwide sales network to drive its business.

The Asahi Group is a global leader offering a diverse collection of brands centered on beer, alcohol and non-alcohol beverages, and food. Under its Medium- to Long-Term Management Policy, the Group aims to achieve sustainable growth of existing businesses centered on the beer category while expanding into new areas. Through partnerships with local companies for business expansion, including this franchise agreement, Asahi Group seeks to drive sustainable growth and enhance its corporate value over the medium to long term.

Atsushi Katsuki, President and Group CEO at Asahi Group Holdings, Ltd., comments:
“We are delighted to introduce the CALPIS brand, which has been enjoyed in Japan for more than a century, to consumers in India. India is one of the world’s most dynamic and promising beverage markets, and we are pleased to partner with Varun Beverages, a leading beverage company with strong manufacturing capabilities and extensive market reach.
We are confident that by bringing together the strengths of Asahi Group and Varun Beverages, we can create new value in the Indian market and contribute to the sustainable growth and enhancement of corporate value for both companies.”

Varun Jaipuria, Executive Vice Chairman at Varun Beverages Limited, comments:
“We are honored to partner with Asahi Group, one of the world’s leading beverage companies, renowned for its iconic brands and deep understanding of consumer preferences across markets. CALPIS is a brand with over a hundred years of heritage and consumer trust, and we are excited to introduce it to India. This is a category we are committed to building at Varun Beverages and one in which we see significant long-term potential.
By combining Asahi’s global expertise with Varun Beverages’ manufacturing strength and extensive distribution network, we look forward to establishing CALPIS as one of the leading brands for Indian consumers.”

“CALPIS” is a registered trademark of Asahi Soft Drinks Co., Ltd.

About CALPIS
CALPIS is Japan’s pioneering lactic acid drink, first created in 1919 by Kaiun Mishima, who founded the brand to offer the Japanese people a delicious beverage that is good for the body.
Made by fermenting skimmed milk with our original CALPIS bacteria, it has a refreshingly sweet and tangy taste that has been loved across generations for more than a century. Today, the brand offers a wide range of products, from a concentrate for mixing with water to ready-to-drink versions.
Since its inception, CALPIS has been guided by four core values: deliciousness, nourishment, safety, and affordability. Asahi Group upholds these values while delivering the signature taste of CALPIS to consumers worldwide. Today, the CALPIS brand is available in more than 10 countries and regions, primarily in Asia and North America, with products tailored to local preferences and needs.

About Varun Beverages Limited
Varun Beverages is the second largest franchisee of PepsiCo outside the United States. It has a presence in 27 states and six union territories in India as well as international markets including Nepal, Sri Lanka, Morocco, Zambia, Zimbabwe, DRC, South Africa, Lesotho, Eswatini, Namibia, Botswana, Madagascar, and Mozambique. Varun Beverages manufactures, distributes, and sells a wide range of carbonated soft drinks, non-carbonated beverages, and packaged drinking water sold under trademarks owned by PepsiCo. Varun Beverages is part of RJ Corp Group (having presence in India and outside India), a diversified business conglomerate engaged in beverages, quick-service restaurants, ice cream, dairy products, retail, education, and healthcare. The company continues to strengthen its position in the global beverage market with a focus on innovation, sustainability, and strategic partnerships.
For more information, visit https://www.varunbeverages.com

About Asahi Group Holdings, Ltd.
Asahi Group Holdings is a global leader offering a diverse collection of brands centered on beer, alcohol and non-alcohol beverages, and food. Established in Japan in 1889, the Group has always been committed to innovation and quality. This dedication has brought together iconic brands and the expertise of renowned breweries from around the world, including those with a rich heritage spanning over centuries. “Make the world shine” articulates Asahi Group’s commitment to build connections among people, thereby paving the way for a sustainable future together. Through these connections, we can contribute to a brighter world, both today and in the future. With a global presence primarily in Japan & East Asia, Europe, Asia Pacific, we provide over 10 billion liters of beverages to consumers worldwide. Headquartered in Japan, Asahi Group Holdings is listed on the Tokyo Stock Exchange (Prime Market: 2502.T).
For more information, visit https://www.asahigroup-holdings.com/en/

Product image is for illustrative purposes only. Packaging design may be subject to change.

LONDON (AP) — The Bank of England has held its main interest rate at 3.7% as the inflation pressures on the British economy have become more benign after the U.S. and Iran signed a deal to sign deal to end their war.

Thursday’s decision was widely anticipated after figures showed inflation did not rise as had been expected in May, holding steady instead at 2.8%.

Though that remains above the bank’s target of 2%, it raised hopes that the upward pressure on prices emanating from the spike in oil and gas prices after the start of the Iran war on Feb. 28 may have been less than anticipated.

Economists think rate-setters will opt against hiking rates over coming months, but only if the recent fall in energy prices is sustained. The pressure on central banks since the outbreak of hostilities in the Persian Gulf has been to raise rates. The European Central Bank hiked last week while on Wednesday, half of the policymakers at the U.S. Federal Reserve said that they could support a rate hike later this year.

Andrew Bailey, the Bank of England governor, said the recent decline in oil prices has been “encouraging” while noting they are still higher than before the war, a steer to markets that higher U.K. borrowing costs are possible.

“Whatever happens in the future, the higher energy prices of the past four months mean there’s already some inflationary pressure in the pipeline,” he said. “The Bank’s job is to make sure that doesn’t turn into sustained inflation above our 2% target.”

Two of the nine members of the Monetary Policy Committee remain concerned enough about those pipeline pressures that they voted for a quarter-point increase.

Because of the recent pullback in oil and gas prices, the bank has trimmed its forecast for inflation in the final quarter of the year to 3.25%. The hope is that inflation then starts to drop next year, freeing up the bank to cut rates, allowing mortgage lenders to offer cheaper home loans.

“If energy prices continue to moderate then the debate could once again turn again to rate cuts, but that might have to wait until next year,” said Luke Bartholomew, deputy chief economist at asset management firm Aberdeen.

FILE -Pedestrians walk past the Bank of England in London, April 30, 2026. (AP Photo/Kirsty Wigglesworth, File)