Overview
Leading Indian-Made Foreign Liquor (IMFL) manufacturer, Tilaknagar Industries Limited (TI) has entered into a definitive agreement to acquire Imperial Blue business division from Pernod Ricard India Private Limited via slump sale, for a lump sum consideration, basis enterprise value of EUR 412.6 million (which translates to approx. INR 4,150 crores as on date), subject to the adjustments in accordance with the terms and conditions set out in the Business Transfer Agreement.
Avendus Capital and Deutsche Bank acted as financial advisors, with Avendus also serving as the exclusive financing arranger to Tilaknagar Industries Limited.
About Tilaknagar Industries Limited
Tilaknagar Industries Limited (TI) is one of the leading IMFL players with leadership in brandy, the second largest IMFL category. Mansion House Brandy, TI’s flagship brand, is one of the largest selling brands in India and globally.
This landmark acquisition, largest in Indian alcoholic beverages space by an Indian company, fast-tracks TI’s foray into whisky segment, the largest IMFL category in India. It also significantly expands TI’s distribution reach, reinforcing its evolution into a truly pan India player having strong scale across both brandy and whisky with a combined volume of 34 million 9-litre cases for the year ended March 2025.
Imperial Blue is the third largest whisky brand in India by volume, with over 25 years of brand heritage. The underlying business had reported revenue of INR 3,067 crore for the year ended March 2025.
Imperial Blue will act as TI’s launchpad for a significant whisky premiumization journey, enabling TI to build a strong whisky portfolio across premium price-points. The transaction is subject to approval from the Competition Commission of India and is expected to close within six months. TI will finance the acquisition through a judicious mix of debt and equity.
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