CCI approves Tilaknagar's acquisition of Pernod Ricard's Imperial Blue whisky
The deal, valued at approximately ₹4,150 crore (€412.6 million), marks a significant shift in India's alcoholic beverage market.
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The Competition Commission of India (CCI) has given its green light to Tilaknagar Industries Ltd. (TIL)'s massive acquisition of the Imperial Blue whisky business from Pernod Ricard India.
The deal, valued at approximately ₹4,150 crore (€412.6 million), marks a significant shift in India's alcoholic beverage market. The CCI announced the approval, confirming the transfer of the business of "production, bottling, marketing, and sale of alcoholic and other beverages under the 'Imperial Brands'" to TIL.
TIL, known for brands like Mansion House Brandy, will integrate the Imperial Blue business, instantly making it a major competitor in the country’s rapidly expanding whisky segment.
The purchase is structured as a slump sale. The total consideration includes a deferred payment of ₹282 crore (€28 million) to be paid four years after the transaction closes.
Imperial Blue is a significant asset, currently ranking as the third-largest whisky brand in India by volume. The business reported revenues of ₹3,067 crore for the year ended March 2025.
While the sale is notable, Pernod Ricard India remains the country's largest spirit maker, posting consolidated sales of ₹26,773.22 crore in FY24. India is the French liquor giant's second-largest global market.
TIL, which has a reported revenue of ₹1,405 crore for FY25, recently became net debt-free in the September quarter following a successful debt restructuring. The CCI's approval finalizes a deal that will reshape the competitive landscape for Indian-Made Foreign Liquor (IMFL) manufacturers.
