IMFL manufacturer Tilak Nagar Industries has agreed to buy 10 per cent stake for Rs. 9.75 crore in Spaceman Spirits Lab Private Limited (SSLPL).
The investment is supposed to happen in two tranches via combination of Equity shares and Compulsory Convertible Preference shares (CCPS), read a BSE filing.
Started in 2020, SSLPL is engaged in the business of creating and marketing craft alcohol brands and offering advisory services to prospective AlcoBev entrepreneurs.
“The Company has a presence in the premium craft gin segment through the brand, Samsara. Post the investment in SSLPL, the Company shall hold 10% of the issued and paid up share capital in SSLPL on a fully diluted basis,” read the BSE filing.
It also said that the indicative time period for completion of the acquisition is on or before 30 June 2023.
Started by Shri. Mahadev L Dahanukar in 1933, TIL was previously known as ‘The Maharashtra Sugar Mills Limited’. In 1993 it was renamed as Tilak Nagar Industries and today own some of the top IMFL like Mansion House, Courrier Napoleon Brandy and has also Blue Lagoon Orange Gin under its portfolio.