June 23, 2025 — Mumbai-based liquor company Tilaknagar Industries is reportedly planning to raise $500 million to buy the popular whisky brand Imperial Blue from global spirits giant Pernod Ricard.
According to The Economic Times, Tilaknagar has hired Kotak Mahindra Bank and Avendus Capital to help arrange the funding. Most of the money will come from loans (debt), while the rest will be raised through equity.
Imperial Blue, launched in 1997, is a widely known Indian whisky made from a mix of local grain spirits and imported Scotch malts. Rumors about Pernod Ricard selling the brand have been circulating since September last year.
While Pernod Ricard has not officially confirmed the deal, it has recently been restructuring its business. The company has already sold off most of its wine brands and is now streamlining its back-office operations as part of a larger internal overhaul.
If the deal goes through, it could mark a major step forward for Tilaknagar in the Indian whisky market.
