Mumbai, December 1, 2025: Tilaknagar Industries Limited has successfully completed the acquisition of the Imperial Blue business undertaking from Pernod Ricard India Private Limited, marking a transformational step in its expansion within the Indian Made Foreign Liquor (IMFL) industry and its entry into the whisky segment.
In a regulatory filing, Tilaknagar Industries said the transaction was consummated on November 30, 2025, following approval from the Competition Commission of India (CCI) on October 7, 2025. With effect from December 1, 2025, the economic ownership of the Imperial Blue brands stands transferred to Tilaknagar Industries.
The acquisition has been executed as a slump sale on a going-concern basis under a Business Transfer Agreement (BTA). It covers the business of production, bottling, marketing and sale of alcoholic and other beverages under the Imperial Blue brands. No equity shares of Pernod Ricard India Private Limited were acquired as part of the transaction.
Tilaknagar Industries has remitted ₹3,442.34 crore to Pernod Ricard India Private Limited as lump-sum cash consideration, based on estimated closing adjustments in line with the BTA. The amount includes estimated inventory at closing but excludes receivables and payables, which were assumed at around ₹500 crore at the time of signing the definitive agreements on July 23, 2025. The consideration remains subject to post-closing adjustments. In addition, the Company will pay a deferred consideration of €28 million after four years, on November 30, 2029.
The Imperial Blue business recorded a turnover of ₹3,067 crore during April 2024 to March 2025. For FY25, revenues are estimated at ₹3,208.09 crore, compared with ₹3,048.70 crore in FY24 and ₹3,138.10 crore in FY23, based on a July-to-June financial year.
Imperial Blue is among India’s most well-recognised whisky brands, with over 25 years of market presence and strong consumer recall. During April 2024–March 2025, the brand sold 22.4 million cases, giving it an approximate 9% share of the Indian whisky market by volume. The brand enjoys a wide geographic footprint, with presence across 27 states and union territories.
The acquisition aligns with Tilaknagar Industries’ strategy to build a pan-India IMFL franchise and represents its foray into whisky—the largest category within the IMFL market. With Imperial Blue currently the third-largest IMFL brand in the country, the transaction positions Tilaknagar Industries as a leading player across both brandy and whisky, the two largest IMFL segments. The Company also expects the deal to enhance its distribution reach nationwide and provide a strong foundation for its premium portfolio expansion strategy.