Tilaknagar Industries (TI), an Indian-made foreign liquor manufacturer, has entered into a definitive agreement to acquire the Imperial Blue business division (IB) from Pernod Ricard India via a slump sale for a lump sum consideration, based on an enterprise value of €412.6 million (approximately ₹4,150 crores as of the date).
The consideration includes deferred payment of €28 million (c. ₹282 crore as on date), to be paid four years after the date of closure of the transaction.
The proposed transaction includes the acquisition of Imperial Blue, which sold 22.4 million 9-litre cases in the year ended March 2025 across India and other markets, including two owned units and services from co-manufacturing bottlers across India.
Imperial Blue is the third largest whisky brand in India by volume, with over 25 years of brand heritage. Imperial Blue business had reported revenue of ₹3,067 crore for the year ended March 2025.
Tilaknagar Industries is one of the leading IMFL players with leadership in brandy, the second largest IMFL category. Mansion House Brandy, TI’s flagship brand, is one of the largest-selling brands in India and globally.
Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries, said, “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. We’re excited to build on Imperial Blue’s strong foundation and take it to new heights.”
Tilaknagar Industries reported revenue of ₹1,405 crore and EBITDA of ₹226 crore for the year ended March 2025.
