Abhishek Khaitan, a third-generation liquor baron from India, transformed his family’s distillery business into a billion-dollar enterprise by recognizing and capitalizing on changing drinking habits in India. The journey began when a visit to Las Vegas in the early 2000s exposed him to the premium vodka market, inspiring him to create Magic Moments vodka in 2006.
The family’s involvement in the alcohol industry dates back to 1972 when Abhishek’s grandfather, GN Khaitan, purchased a distillery in Rampur, Uttar Pradesh. Initially, the business focused on supplying bulk spirits to major alcohol companies. In 1995, Abhishek and his father Lalit inherited the company, then called Rampur Distillery & Chemical Company Ltd. They invested $4.3 million in expanding capacity and launched their first label, 8PM Whisky, in 1998.
Under Abhishek’s leadership, the company, now known as Radico Khaitan Ltd, has grown into India’s third most valuable alcohol manufacturer, behind only Heineken-backed United Breweries and Diageo-controlled United Spirits. The company’s market value has surged from $475 million in March 2020 to over $3.8 billion, with the family’s stake now worth $1.5 billion.
Radico’s success reflects broader changes in Indian drinking culture. The country has become the world’s fastest-growing alcohol market, with projected volume growth of 6.3% annually over the next four years. Young professionals are embracing alcohol consumption, moving away from traditional taboos, and showing increased interest in premium products. This shift is attributed to rising disposable incomes, international travel, and greater awareness of global brands.
The company has built a diverse portfolio of over 25 brands across various categories including whisky, vodka, rum, gin, and brandy. Nearly half of Radico’s revenue of $490 million, in the year through March 2024, came from prestige spirits targeting affluent consumers. Notable successes include Magic Moments vodka, which sold 6.3 million cases last year and accounts for a quarter of company revenue, as well as premium products such as Rampur Single Malt Whisky and Jaisalmer Gin, which have gained recognition both domestically and internationally.
Khaitan, known for his love of luxury cars including a Mercedes Maybach and BMW 7-Series, continues to innovate with new products. The company is preparing to launch a premium dark rum called The Kohinoor Reserve, named after the famous diamond. Radico leads a group of independent local distilleries collectively valued at approximately $8 billion, highlighting the growing significance of India’s alcohol industry in the global market.
