In a landmark deal for the Indian liquor industry, Tilaknagar Industries is set to acquire the popular whisky brand Imperial Blue from Pernod Ricard for ₹4,150 crore — the largest acquisition ever by an Indian alco-bev company.
To finance this acquisition, Tilaknagar’s board has approved a preferential issue of equity shares and warrants worth ₹2,296 crore. The shares will be issued at ₹382 each, following SEBI’s pricing norms.
The deal marks Tilaknagar’s entry into the whisky segment, complementing its stronghold in the brandy market where its flagship brand Mansion House leads with 11–12 million case sales annually. With the addition of Imperial Blue, the company’s total annual volumes are expected to reach 34 million cases.
A total of 44 investors, including company promoters, will participate in this fundraise. Nine investors will contribute around ₹549 crore via equity shares, while the rest, including CMD Amit Dahanukar and his promoter group (subscribing ₹306 crore), will raise about ₹1,747 crore through warrants. Of the total, ₹437 crore will be paid upfront, and the remaining ₹1,310 crore will be paid when the warrants are converted into shares.
“Having established ourselves in brandy, we’re now ready to cater to a broader consumer base by entering the whisky segment with one of the most recognized and trusted brands in India,” said Dahanukar.
Financial advisors for the deal include Deutsche Bank and Avendus Capital, with Avendus also managing the financing. Legal and diligence partners include Crawford Bayley & Co., WS Kane & Co., and Deloitte.
Tilaknagar reported a revenue of ₹1,405 crore and EBITDA of ₹226 crore for the financial year ending March 2025.
