Tilaknagar Industries on Wednesday said that it had signed a definitive agreement to acquire the Imperial Blue business, the country’s third-largest whisky brand, for an enterprise value of Rs 4,150 crore from Pernod Ricard India. The consideration includes a deferred payment of Rs 282 crore, which will be paid four years after the date of closure of the transaction. Imperial Blue closed FY25 with revenue of Rs 3,067 crore.
Acquisition significance
Apart from the brand, whose sales are 22.4 million cases per annum, the transaction will include two owned units and services from co-manufacturing bottlers across India, the firm said in a statement to the exchanges.
The deal, which is the largest by an Indian alcoholic beverages company, will fast-track Tilaknagar’s foray into whisky segment, it said.
The deal will also significantly expand the company’s distribution reach across both brandy and whisky with a combined volume of 34 million cases. Mansion House, which is India’s largest-selling brandy, has volume sales of about 11-12 million cases, industry experts said.
“Having achieved leadership in the brandy segment, it is now time for us to broaden our portfolio and cater to India’s diverse and evolving consumer base. While we continue to grow our business organically, this strategic acquisition allows us to enter the whisky category with one of the country’s most trusted and admired brands,” Amit Dahanukar, CMD, Tilaknagar Industries, said.
Financial Advisors
Deutsche Bank and Avendus Capital acted as financial advisors, with Avendus Capital also serving as the exclusive financing arranger to Tilaknagar. Crawford Bayley & Co. and WS Kane & Co. acted as legal counsels while Deloitte served as the diligence advisor to the company.
Tilaknagar Industries reported revenue of Rs 1,405 crore and Ebitda of Rs 226 crore for the year ended March 2025.