Tilaknagar Industries Ltd. announced on Wednesday that it will acquire the well-known Imperial Blue whisky brand from Pernod Ricard India for an enterprise value of about ₹4,150 crore.
According to the company’s stock exchange filing, the deal will be completed on a slump-sale basis and will include related manufacturing assets as well as existing supply and bottling contracts.
The transaction also covers two company-owned manufacturing units and several co-bottling agreements. As part of the payment structure, around ₹282 crore will be paid as a deferred payment four years after the deal closes, which will help reduce the immediate financial burden on Tilaknagar Industries.
The acquisition of Imperial Blue, currently India’s third-largest whisky brand, will significantly strengthen Tilaknagar Industries’ position in the whisky segment. The brand sells more than 22 million nine-litre cases annually. The whisky category itself accounts for nearly two-thirds of India’s total spirits market, making it the largest segment in the industry.
For Pernod Ricard, the decision to sell Imperial Blue is part of its strategy to focus more on premium brands. Its portfolio in India includes labels such as Royal Stag, Blenders Pride, Chivas Regal, and Jameson Irish Whiskey. By exiting a value-segment brand, the company aims to improve margins and streamline its product portfolio in the Indian market.
For Tilaknagar Industries, the acquisition supports its Vision 2030 strategy to become a pan-India spirits company with a diversified brand portfolio. The company is reportedly in discussions with private credit funds to raise up to $500 million to finance the deal, with Avendus Capital acting as the financial advisor.
The transaction is subject to regulatory approvals, including clearance from the Competition Commission of India, and is expected to be completed in the coming months. Once finalized, it will be among the largest acquisitions in India’s alcohol industry, following the major takeover of United Spirits by Diageo about a decade ago.
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