Tilaknagar Industries to acquire Imperial Blue from Pernod Ricard in Rs 4,150 crore deal
Tilaknagar Industries bets big on whisky with the acquisition of Imperial Blue from the French alco-bev major Pernod Ricard's Indian arm. The brandy leader’s biggest deal yet aims to transform it into a pan-India player in a competitive alcoholic beverages market.
ADVERTISEMENT
Tilaknagar Industries, the maker of Mansion House Brandy, will acquire the Imperial Blue business division from Pernod Ricard India for approximately ₹4,150 crore, marking a significant push into the whisky segment and expanding its footprint across the country’s alcoholic beverages market.
The deal, announced on Wednesday, will be executed via slump sale for a lump sum consideration based on an enterprise value of €412.6 million, with adjustments as per the Business Transfer Agreement. It includes a deferred payment of €28 million (about ₹282 crore) to be paid four years after the transaction’s closure, which is expected within six months pending regulatory approvals.
Imperial Blue, with over 25 years of brand heritage, is India’s third-largest whisky brand by volume, selling 22.4 million cases in the year ended March 2025 and reporting revenue of ₹3,067 crore during the period. The acquisition will add significant heft to Tilaknagar’s portfolio, expanding its combined volume across brandy and whisky to 34 million cases for the year ended March 2025.
Tilaknagar, known for its flagship Mansion House Brandy, has established itself as a leader in the brandy segment, which is the second-largest IMFL category in India. The company views the acquisition as a strategic move to accelerate its entry into the whisky category, India’s largest IMFL segment.
“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,” said Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries Limited.
Tilaknagar plans to position Imperial Blue as the launchpad for a whisky premiumisation strategy, building a strong portfolio across premium price points. “We’re excited to build on Imperial Blue’s strong foundation and take it to new heights,” Dahanukar added.
The company will finance the acquisition through a mix of debt and equity. 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 W.S. Kane & Co. served as legal counsels, while Deloitte acted as diligence advisor.
Tilaknagar reported revenue of ₹1,405 crore and EBITDA of ₹226 crore for the year ended March 2025. The company stated that the acquisition aligns with its ongoing strategy to deliver sustainable value for shareholders, employees, and partners.
