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Tilaknagar Industries to acquire Imperial Blue by December 2025, awaits CCI nod
To ensure a seamless transition, Tilaknagar will enter into a Transition Manufacturing and Services Agreement (TSMA) with Pernod Ricard India (PRI).
As part of the deal, the transaction includes ₹700 crore in working capital and a deferred consideration of ₹282 crore, payable four years from the transaction’s closing date.
Tilaknagar Industries is set to acquire Imperial Blue, one of India’s top-selling whisky brands, by the end of December 2025, subject to regulatory approval from the Competition Commission of India (CCI).
To ensure a seamless transition, Tilaknagar will enter into a Transition Manufacturing and Services Agreement (TSMA) with Pernod Ricard India (PRI). The acquisition, valued at approximately ₹4,150 crore, was formalized through a definitive agreement between Tilaknagar Industries and French spirits major Pernod Ricard.
As part of the deal, the transaction includes ₹700 crore in working capital and a deferred consideration of ₹282 crore, payable four years from the transaction’s closing date.
This move follows Pernod Ricard’s previously reported decision to divest Imperial Blue, aligning with its long-term strategy to pivot toward premium, higher-margin brands—a strategy mirrored by global competitors such as Diageo. The divestiture could fetch Pernod Ricard up to ₹5,000 crore, enabling the company to reallocate resources toward its premium portfolio.
Launched over 25 years ago, Imperial Blue is India’s third-largest whisky brand by volume, with 22.4 million cases sold and ₹3,067 crore in revenue reported for the financial year ending March 2025. The acquisition will significantly enhance Tilaknagar’s scale, taking its combined volumes across brandy and whisky to 34 million cases for FY25.
Tilaknagar, best known for its flagship Mansion House Brandy, is a market leader in the brandy segment—the second-largest category in India's IMFL (Indian-Made Foreign Liquor) market. The company sees this acquisition as a pivotal move to accelerate its entry into the whisky segment, which remains India’s largest IMFL category by volume.
“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,” stated Amit Dahanukar, chairman and managing director, Tilaknagar Industries Ltd.
It was also reported that Tilaknagar planned to position Imperial Blue as a cornerstone in its whisky premiumisation strategy, aiming to build a robust portfolio across premium price segments. “We’re excited to build on Imperial Blue’s strong foundation and take it to new heights,” Dahanukar added.
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