Amit-Dahanukar-led Tilaknagar Industries has emerged as the front-runner to acquire Pernod Ricard India’s popular whisky brand, Imperial Blue, sources told FE. Ravi-Deol-led Inbrew Beverages is also in contention for acquiring the country’s third-largest whisky brand. The deal has been valued at Rs 4,000-5,000 crore, with an announcement likely later this month, sources said. Both Tilaknagar Industries and Pernod Ricard India declined comment when contacted via email.
Capital raise
On Wednesday, the board of Tilaknagar Industries—known for its Mansion House brandy—will meet to consider a fund-raising proposal. While the company has not disclosed the purpose of the planned fundraise, industry sources suggest it is linked to the final stages of negotiations for Imperial Blue.
According to the company’s disclosure, the proposed capital raise could be executed through various instruments, including equity shares, debentures, warrants, preference shares, or bonds. The fund infusion may occur in one or more tranches via public offerings, rights issues, private placements, preferential allotments, qualified institutional placements (QIPs), or a combination thereof.
Vision 2030: Tilaknagar’s portfolio expansion
Pernod Ricard has reportedly been looking to offload Imperial Blue—a brand that sells 22.9 million cases annually—to sharpen its focus on its premium portfolio. The Indian whisky market is led by Diageo’s McDowell’s with 32.2 million cases, followed by Royal Stag from Pernod Ricard, which sells 31 million cases annually.
Tilaknagar Industries, meanwhile, is actively working to expand its liquor portfolio, which currently includes Mansion House Gold Barrel whisky, Blue Lagoon gin and Madira Gold Dark rum. The company enjoys a strong foothold in southern India, especially with Mansion House brandy, which has an annual volume of around 7.8 million cases.
During its recent earnings call, Ameya Deshpande, president, strategy and corporate, Tilaknagar Industries said, that the company had a 2030 vision for expansion.
“Our vision 2030 would be more like an 80:20 saliency whereby 80% of our business is still driven by brandy, but non-brandy kind of expands to 20% from the current 6%,” he said.
Tilaknagar has previously invested in alco-bev ventures, including ready-to-pour beverage company Bartisans and Spaceman Spirits, which owns Samsara Gin.
For FY25, Tilaknagar Industries reported net revenue of Rs 1,434 crore, marking a 2.9% year-on-year growth. This modest rise was attributed to price reduction in Andhra Pradesh and muted volume growth during the first nine months of the fiscal year. The company’s Ebitda stood at Rs 255 crore, reflecting a 37.4% annual increase—or Rs 226 crore after accounting for subsidies—translating to an Ebitda margin of 16.1%. Net profit came in at Rs 230 crore, registering a 62.9% year-on-year growth.