Homegrown liquor maker Tilaknagar Industries on Wednesday announced that it will acquire the Imperial Blue whiskey business from Pernod Ricard India for an enterprise value of Rs 4,150 crore.
The deal marks Tilaknagar’s entry into the whiskey category, India’s largest Indian-made foreign liquor (IMFL) segment, and significantly strengthens its premium product portfolio.
With this acquisition, Tilaknagar will become a key player across both whiskey and brandy segments, the two largest contributors to IMFL sales in the country.
The acquisition will be executed through Tilaknagar’s wholly owned subsidiary, Grain & Grape Works. The transaction involves the purchase of the Imperial Blue business as a going concern on a slump-sale basis, including production, bottling, marketing and sales. Of the Rs 4,150 crore enterprise value, Rs 282 crore will be paid as deferred consideration.
In a regulatory filing, Tilaknagar Industries informed exchanges that it has initiated shareholder approval via postal ballot for a series of fundraising and borrowing resolutions to support the transaction. The company plans to raise up to Rs 6,500 crore, Rs 2,500 crore through equity and equity-linked instruments and Rs 4,000 crore in borrowings or debt securities.
Imperial Blue is currently India’s third-largest IMFL brand by volume. With a sales volume of 22.4 million cases in FY25, the brand holds around 9% of India’s whiskey market and is sold across 27 states and union territories. The business reported a turnover of Rs 3,067 crore for FY25.
Tilaknagar Industries, founded in 1933, is a major player in the Indian alcobev industry with a manufacturing presence across 12 states. Its existing brand portfolio includes Mansion House Brandy, Courrier Napoleon, Madiraa Rum, and Blue Lagoon Gin.
The deal is subject to approvals from the Competition Commission of India, shareholders, and other regulators. It is expected to close in the coming months.
