New Delhi, Feb. 24 -- Carlsberg AG, the Danish brewer, recently said it plans to list its India business on the domestic bourses. The move comes at a time when India's beer market is benefiting from favourable regulatory shifts, growing retail access, and a potential cyclical recovery after a weak season. Yet, the market remains structurally spirits-dominated, intensely competitive, and heavily dependent on state-level excise policies.

What explains the timing of the IPO, and how big are the opportunity and the risk? Mint explains.

Chief executive Jacob Aarup-Andersen said in a February earnings call that the company is assessing an initial public offering (IPO) in India to "create shareholder value". According to Bloomberg, the brewer ...