A confluence of demographic, economic and socio-cultural factors (such as large proportion of young population with rising income, increasing acceptability of alcohol consumption and an extremely low base of consumption) has made India one of the most attractive markets in the world for global beer companies. With its well-spread breweries across key states, presence across all 90,000 outlets selling beer in India, iconic Kingfisher/Heineken brands and superior efficiencies versus peers, United Breweries (UBBL) India's largest beer player is well positioned to exploit growth opportunities in the industry, in our view....