New Delhi: Tilaknagar Industries Ltd is open to pursuing another large-scale acquisition after its nearly $500 million acquisition of Imperial Blue whisky from Pernod Ricard, Chairman and Managing Director Amit Dahanukar has said. The development comes as consolidation gathers pace in India’s alcoholic beverages industry, with leading spirits companies looking to expand their portfolios, strengthen market presence and achieve greater scale through strategic acquisitions.
Dahanukar said Tilaknagar Industries would consider another deal of a similar size if the right opportunity emerges. He noted that the Imperial Blue transaction significantly changed the company’s approach to mergers and acquisitions, adding that prior to the deal he would not have considered targeting an acquisition worth around twice the company’s revenue. However, he stressed that the company would remain disciplined while evaluating and financing any future acquisition.
The Imperial Blue acquisition has significantly expanded Tilaknagar Industries’ scale. The company’s revenue nearly tripled to around ₹1,026 crore in the quarter ended June 30, with Imperial Blue contributing nearly two-thirds of total sales volume. The acquisition has strengthened Tilaknagar’s position in the Indian whisky market while adding a major established brand to its existing portfolio, led by Mansion House brandy.
Dahanukar said the company is open to acquisitions across the broader spirits industry but will remain particularly focused on craft spirits in the fast-growing super-premium and luxury segments. The strategy reflects Tilaknagar’s intention to build a broader and more premium portfolio while identifying brands that can deliver long-term growth.
→ AP High Court Seeks Government Response on 50% Liquor Shop Renewal Fee Hike→ Ball Corporation, Crown Holdings Advance ₹4,991 Crore Aluminium Can Investments in Uttar Pradesh
The company’s plans come amid increasing consolidation in India’s spirits market. Recent transactions, including United Spirits’ acquisition of Nao Spirits and Sazerac’s investment in John Distilleries, highlight growing interest in the country’s alcoholic beverages sector. Fragmentation of the market and state-specific regulations continue to make it challenging for liquor companies to build nationwide scale organically, creating opportunities for strategic acquisitions.
India’s spirits market is also expected to see sustained long-term growth as the country’s consumer base expands and premiumisation accelerates. According to IWSR projections cited in the report, India could become the world’s largest spirits market by volume by 2032, overtaking China. Against this backdrop, Tilaknagar Industries’ willingness to pursue another major acquisition could further intensify competition and accelerate consolidation in the Indian liquor industry.
About the Author
