Tilaknagar Industries Ltd. (TI), a leading Indian-Made Foreign Liquor (IMFL) company, has signed a definitive agreement to acquire the Imperial Blue whisky business from Pernod Ricard India for an enterprise value of EURO412.6 million, including a EURO28 million deferred payment due in four years.
Imperial Blue, India’s third-largest whisky brand by volume, sold 22.4 million 9-litre cases in FY25 and generated EURO305 million in revenue. The deal includes two owned plants and co-manufacturing arrangements across India.
Already a market leader in brandy with Mansion House, TI is expanding into the whisky segment, the country’s largest IMFL category. This acquisition makes TI a pan-India spirits player, with a combined volume of 34 million 9-litre cases.
“This is a strategic leap for TI,” said Amit Dahanukar, Chairman and MD. “We’re excited to enter the whisky market with a strong, trusted brand.”
The deal is expected to close in six months, subject to regulatory approvals. TI will fund the acquisition through a mix of debt and equity.
Advisors include Deutsche Bank, Avendus Capital, Crawford Bayley, W.S. Kane & Co., and Deloitte.
