Mumbai: SPI, the owner of Russian vodka brand Stolichnaya, is considering a sale of either the brand or its international distribution rights, after French group Pernod Ricard gave up its distribution rights.

Pernod gave up its rights after it bought Swedish vodka brand Absolut in a €5.3 billion ($8.1billion) deal with Swedish government-owned Vin & Sprit, in April.

SPI has now set off a possible bidding war for the $3 billion business with the appointment of Lehman Brothers as advisers.

SPI, which had been licensing the distribution rights outside Russia to Pernod Ricard, may now have to find a new international distributor or sell the brand.

Alternatively, SPI may form a joint venture with a distributor or distribute the vodka itself.

Pernod, which was interested in acquiring the Russian rights to Stolichnaya had abandoned plans of owning both vodka brands for antitrust reasons.

Pernod had also problems with the acquisition of Stolichnaya as the Russian government had disputed SPI's ownership of the brand.

Pernod bought the distribution rights for Stolichnaya outside Russia and the Commonwealth of Independent States in 2005 with the acquisition of the UK's Allied Domecq.

A sale of the Stolichnaya brand or its foreign distribution rights is likely to attract foreign drinks groups eager to get a foothold in the Russian vodka market.

Russia has the highest per capita consumption of vodka in the world and 90 per cent of the spirits consumed in the country is vodka.

With $15 billion of sales in 2006, Russia is the world's second biggest market in terms of retail sales after the US, according to estimates.

Although sales volumes of vodka are slowing in Russia, sales revenues are rising as people pay more for top quality brands.

Stolichnaya was the fifth-best-selling vodka brand in the US in 2006,  Absolut ranked second, behind only Smirnoff, which is owned by London-based Diageo Plc, Pernod's bigger rival.