New Delhi:
Tilaknagar Industries Ltd has announced the acquisition of Imperial Blue whiskey from Pernod Ricard India Pvt. Ltd for an enterprise value of ₹4,150 crore, marking the company’s entry into India’s large and fast-growing whiskey segment.
With this deal, Tilaknagar Industries strengthens its position across India’s two biggest IMFL categories—brandy and whiskey, becoming one of the leading players in both.
Pernod Ricard said the sale is part of a portfolio realignment that allows the company to focus more strongly on premium brands and long-term profitable growth in India, which remains its second-largest global market after the US.
The company added that once the transaction is completed, it is expected to immediately improve Pernod Ricard India’s operating margins and sales growth.
Media reports had earlier indicated that Pernod Ricard had put Imperial Blue up for sale in September last year.
India’s organised liquor industry generated revenues of ₹4.45 trillion in FY24, according to Crisil. Pernod Ricard India reported consolidated revenue of ₹25,039 crore in FY23, compared to ₹22,741 crore in FY22. Its portfolio includes popular mass brands like Royal Stag, Blenders Pride and 100 Pipers, as well as premium labels such as Chivas Regal, Ballantine’s, The Glenlivet and Jameson.
In a stock exchange filing, Tilaknagar Industries said its wholly owned subsidiary, Grain & Grape Works Pvt. Ltd, will acquire the Imperial Blue business on a slump-sale basis. The acquisition covers the production, bottling, marketing and sale of alcoholic beverages under the Imperial Blue brand. The deal value includes a deferred payment of ₹282 crore.
To fund the acquisition and support future growth, Tilaknagar Industries plans to raise up to ₹6,500 crore, through a mix of ₹2,500 crore in equity or equity-linked instruments and ₹4,000 crore through debt. The fundraising will be subject to shareholder and regulatory approvals.
The transaction is awaiting clearance from the Competition Commission of India and is expected to close in the coming months.
Founded in 1933, Tilaknagar Industries has a manufacturing presence across 21 units in 12 states. Its portfolio includes well-known brands such as Mansion House and Courrier Napoleon brandy, along with Mansion House Whisky, Madiraa Rum, and Blue Lagoon Gin.
Imperial Blue is currently the third-largest IMFL brand in India, with a sales volume of 22.4 million cases and about 9% share of the whiskey market. The brand is sold across 27 states and Union Territories and recorded a turnover of ₹3,067 crore between April 2024 and March 2025.
The acquisition is expected to significantly strengthen Tilaknagar Industries’ premium portfolio and distribution network, accelerating its growth in the whiskey category.
The Aabkari(Abkari) Times magazine occupies a unique niche in the Indian media landscape. As the only Hindi monthly magazine dedicated to alcohol, liquor, excise, and allied industries, it caters to a specific audience with a specialized knowledge base.
