Mumbai: Tilaknagar Industries Limited (TI) (BSE: 507205 NSE: TI), a leading Indian-Made Foreign Liquor (IMFL) manufacturer, has successfully completed the acquisition of the Imperial Blue (IB) business division from Pernod Ricard India Private Limited (PRI) via a slump sale valued at INR 3,442 crore (including estimated inventory at closing but excluding receivables and payables). In addition, a deferred payment of €28 million will be made in November 2029.
The acquisition has been funded through a mix of internal cash accruals, fresh equity, and external debt. TI raised INR 2,093 crore via a preferential issue of equity shares and warrants to marquee investors and the Promoter Group, alongside INR 2,100 crore secured through term loans. The Competition Commission of India (CCI) approved the transaction on October 7, 2025.
Strategic Significance
- Market Expansion: Imperial Blue is India’s third-largest whisky brand by volume, selling ~22.4 million 9-litre cases in FY25.
- Revenue Impact: Reported INR 3,067 crore revenue for the trailing twelve months ending March 2025.
- Brand Portfolio: TI gains ownership of Imperial Blue, Imperial Black, and Imperial Red trademarks globally.
- Transition Support: Trademark License Agreement for “Seagram’s” brand use during a defined transition period.
- Supply Chain Strength: Long-term supply agreement with Chivas Brothers for Concentrated Alcoholic Beverage (CAB).
- Manufacturing Footprint: Includes two owned units in Punjab and Maharashtra, two exclusive sub-leased units in Telangana and Punjab, plus shared units during the TSMA period.
- Human Capital: 116 employees to transition from PRI to TI.
Leadership Statement
Amit Dahanukar, Chairman & Managing Director of Tilaknagar Industries, said: “The acquisition of Imperial Blue significantly scales up our business, representing a decisive step in our ambition to build a truly pan-India presence across all IMFL categories. This acquisition also accelerates our premiumisation journey, enabling us to broaden our offerings across P&A price-points and enhance the value we deliver to consumers.”
Advisory & Execution
- Financial Advisors: Deutsche Bank and Avendus Capital (also debt financing arranger).
- Legal Counsels: Crawford Bayley & Co. and W.S. Kane & Co.
- Finance & Tax Diligence: Deloitte.
- Integration Advisory: Ernst & Young.
This acquisition underscores TI’s strategic focus on scaling its national footprint, strengthening its premiumisation journey, and unlocking long-term value opportunities for shareholders, employees, partners, and stakeholders.
