Tilaknagar Industries to acquire Imperial Blue business for 412.6 mn euro

Tilaknagar Industries has entered into a definitive agreement to acquire the Imperial Blue business division from Pernod Ricard India via slump sale for a lump-sum consideration based on an enterprise value of 412.6 million euro (approximately Rs 4,150 crore as on date), the company said in a stock exchange filing.

 

The consideration includes a deferred payment of 28 million euro (approximately ₹282 crore as on date), to be paid four years after the closure of the transaction.

 

The proposed transaction includes the acquisition of the Imperial Blue brand, which recorded sales of 22.4 million 9-litre cases for the year ended March 2025 across India and other markets. It also includes two owned units and services from co-manufacturing bottlers across India, the filing said.

 

 

The transaction is subject to approval from the Competition Commission of India, with closure anticipated in about six months from the signing of the definitive agreement. Tilaknagar Industries will raise a mix of debt and equity to finance the acquisition.

 

Amit Dahanukar, chairman and managing director of Tilaknagar Industries, said in the filing: “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.” 

 

Imperial Blue will act as Tilaknagar Industries’ launchpad for a significant whisky premiumisation journey, enabling the company to build a strong whisky portfolio across premium price points. “We’re excited to build on Imperial Blue’s strong foundation and take it to new heights,” Dahanukar added.

 

Imperial Blue is the third-largest whisky brand in India by volume, with over 25 years of brand heritage. The underlying business reported revenue of Rs 3,067 crore for the year ended March 2025, the company said in its release.

 

“This landmark acquisition, the largest in the Indian alcoholic beverages space by an Indian company, fast-tracks Tilaknagar Industries’ foray into the whisky segment, the largest IMFL (Indian Made Foreign Liquor) category in India. It also significantly expands Tilaknagar Industries’ distribution reach, reinforcing its evolution into a truly pan-India player with strong scale across both brandy and whisky, with a combined volume of 34 million 9-litre cases for the year ended March,” the filing added.

 

Deutsche Bank and Avendus Capital acted as financial advisors, with Avendus Capital also serving as the exclusive financing arranger to Tilaknagar Industries. Crawford Bayley & Co. and W.S. Kane & Co. acted as legal counsels, while Deloitte served as the diligence advisor to Tilaknagar Industries.