New Delhi: Homegrown liquor company Tilaknagar Industries Ltd on Wednesday announced the acquisition of Imperial Blue Brands from Pernod Ricard India Pvt. Ltd for an enterprise value of ₹4,150 crore, marking its foray into the country’s whiskey segment.
With the acquisition, the company will become one of the leading players in brandy and whiskey, the two largest Indian-made foreign liquor (IMFL) categories.
Pernod Ricard said the sale strengthens its India portfolio, enabling the business to fully tap into premiumization trends and support sustained, profitable growth.
As Pernod Ricard’s second-largest market, India is a strategic priority, and this realignment improves the ability to capitalize on the country’s strong macroeconomic fundamentals and long-term potential.
Upon closing, the transaction is expected to be immediately and meaningfully accretive to Pernod Ricard India’s operating margin and net sales growth rate, the company said.
Mint had reported last September that Pernod Ricard had put Imperial Blue whiskey up for sale in India.
In fiscal year 2023, India surpassed China as the second-largest market by net sales for the company, after the US. Pernod Ricard India sells mass-market brands such as Royal Stag, Blenders Pride and 100 Pipers, and premium ones such as Chivas Regal, Ballantine’s, Glenlivet and Jameson Irish Whiskey.
India’s organized liquor industry recorded revenues of ₹4.45 trillion in FY24, according to a report by ratings firm Crisil. Pernod Ricard India posted a consolidated revenue from operations of ₹25,039 crore in FY23, up from ₹22,741 crore in FY22.
In a filing to the exchanges on Wednesday, Tilaknagar Industries said its wholly-owned subsidiary Grain & Grape Works Pvt. Ltd (GGWPL) shall acquire the business undertaking of Pernod Ricard India Pvt. Ltd, as a going concern on a slump sale basis related to the business of production, bottling, marketing and sale of alcoholic and other beverages under the Imperial Blue brands for an enterprise value of ₹4,150 crores, including a deferred payment of ₹282 crores as on date.
To finance this acquisition and support its future growth plans, Tilaknagar Industries has announced its plan to raise up to ₹6,500 crores, comprising up to ₹2,500 crores in equity and equity-linked securities and up to ₹4,000 crores via borrowing money or in debt securities from investors.
This entire fundraising process will, of course, be subject to approval from the companies’ shareholders and the relevant regulatory authorities.
The transaction remains subject to the approval from the Competition Commission of India, and is expected to close within the coming months.
Tilaknagar Industries, founded in 1933, is a major player in the IMFL industry, with a manufacturing footprint of 21 units across 12 states.
Its brand portfolio includes brandy brand Mansion House and Courrier Napoleon, along with a strong presence in whisky, rum, and gin through Mansion House Whisky, Madiraa Rum, and Blue Lagoon Gin.
Imperial Blue is currently the third largest brand in IMFL segment. Imperial Blue will boost Tilaknagar Industries’ premium portfolio strategy. This acquisition would also strengthen its distribution network. The turnover of the business for the period April 2024 to March 2025 was ₹3,067 crores.
With a sales volume of 22.4 million cases, Imperial Blue has an approximately 9% volume share in the whiskey category. The brand is present in 27 states and Union Territories.