Carlsberg Group, the Danish brewing giant, is weighing a public listing of its fast-growing India operations. Jacob Aarup-Andersen, the company’s CEO, told investors the evaluation aims to determine if an IPO would lift long-term value for shareholders.

The executive stressed that no final call has been made. Carlsberg officials declined to share timelines or deal structures. Aarup-Andersen described the process as driven solely by potential returns.

India stands out as a powerhouse in Carlsberg’s global lineup. The market now grows faster than China, with high single-digit volume increases last year. Strong holiday demand and market share gains in multiple states fueled the surge.

Popular brands led the charge. Carlsberg Elephant posted sharp sales jumps. Tuborg Strong, the top seller in India, held steady. A new premium wheat beer, Kronenbourg 1664 Blanc from France, grabbed early attention from buyers seeking upscale options.

Tuborg volumes climbed 2% worldwide in the past year. India ranked among the leaders, alongside China, Kazakhstan and Nepal.

Carlsberg plans heavy spending to cement its position. The company will pour in 1,250 crore rupees ($150 million) over the coming years. That covers new production lines, tech improvements and a 500 crore brewery in Maharashtra state.

Hiring is up too. The firm pushes premium beers at city drinkers willing to pay more. India’s young population, fatter wallets and low per-person beer intake—far below world norms—promise years of expansion.

Carlsberg gained full ownership recently. That followed a drawn-out fight with its old Indian partner, clearing the path for bolder moves.

The IPO talk fits a pattern in beverages. Rivals like Pernod Ricard, owner of Chivas Regal and Absolut vodka, have eyed Indian stock listings too.

Analysts watch closely. India’s stock market has boomed, drawing foreign firms eager to tap local investors. Carlsberg’s India sales have doubled in five years, officials said, making a spinoff tempting.

For now, Carlsberg focuses on execution. Volume growth hit 7% in India last quarter, beating company averages. Premium brands now make up 20% of sales, up from 15% two years back.

The CEO brushed off short-term hurdles like rising input costs. India remains a top priority, he said, with more launches planned for 2025.