Reuters Exclusive: Pernod Ricard gave its Scotch whisky imports unique internal codenames in India -- part of a scheme to conceal the true value of imported Scotch and slash custom tariff payments, India investigators say. From Scotland, they shipped bulk Scotch concentrates -- the raw soul of whiskies like Royal Stag. India-only internal names: RFM. HMW. Rich Fruity Malt. Heavy Malt Whisky. But the product hadn't changed. The recipe hadn't changed. And by also obscuring composition and age, investigators allege, Pernod made it impossible for customs to compare its import prices against rivals -- and so paid far less in tariffs than it should have. Investigators summed it up: "Simple products of Scotland.. were complicated just to avoid comparison with similar goods imported." Pernod says the codenames referred to a "bouquet of reconstituted Scotch malts".  It is also arguing Indian officials wrongly excluded dozens of other companies that imported Scotch concentrates at lower prices and instead selectively compared it to India's Allied Blenders & Distillers New documents reveal unreported details of the high-stakes battle. Pernod's tax liability currently stands at nearly $314 million. With penalties, the total payout could be more than $600 million if Pernod loses - an amount that is a fifth of its last year's Indian revenue of $2.9 billion. The fight is significant: India is Pernod's biggest market in the world by volume. Full story with court document details 👇

Air India in deep crisis. Foreign airlines are seizing the moment... While Air India Limited battles the Iran war, soaring jet fuel prices and Pakistan's airspace ban, a quiet redistribution of one of aviation's most coveted markets is underway. A Reuters data analysis tells the story starkly: ✈️ AI cut 18% of international flights in March-May ✈️ Its U.S. routes collapsed 77% ✈️ International flying brings 60% of AI revenues The timing couldn't be worse. Tata Group's entire turnaround bet was built on making Air India a credible global carrier -- new widebody jets, upgraded cabins, nonstop links to Europe and North America. As BAA & Partners' Linus Benjamin Bauer put it: "The war has attacked every leg of Air India's transformation plan." But, someone's loss is someone's gain. Swiss International Air Lines doubled its Delhi-Zurich frequency and says its India flights are "already largely fully booked." Lufthansa lit up Mumbai's iconic Sea Link bridge with its name in a laser display as it lures Indians. Cathay Pacific and KLM Royal Dutch Airlines are scheduling far more flights out of India. Foreign carriers now hold 58.4% of India's international flying -- up from 51.2% a year ago. The world's fastest-growing aviation market is clearly reshaping. Air India is losing ground, foreign giants are winning. With @abhijithg4 @Jamie_Freed Read the data-packed analysis here.