Tilaknagar Industries Ltd. (TI), a leading Indian-made foreign liquor (IMFL) manufacturer, has announced a landmark acquisition of the Imperial Blue business division from Pernod Ricard India Pvt. Ltd. in a transaction valued at approximately €412.6 million (₹4,150 crore). This deal marks the largest acquisition in India’s alcoholic beverages sector by an Indian company.
The acquisition will be executed through a slump sale on a lump sum consideration basis, including a deferred payment of €28 million (around ₹282 crore), to be paid four years after the transaction’s closure. The deal is subject to approval from the Competition Commission of India, with completion expected within six months.
Imperial Blue, India’s third-largest whisky brand by volume, sold 22.4 million 9-litre cases in FY25 and generated ₹3,067 crore in revenue during the same period. The transaction also includes two owned manufacturing units and partnerships with co-manufacturing bottlers across India.
This strategic move propels Tilaknagar Industries—known for its leadership in the brandy segment through flagship brand Mansion House—into the whisky category, the largest segment within IMFL. With the addition of Imperial Blue, the company’s total portfolio volume will rise to 34 million 9-litre cases annually, establishing TI as a pan-India player with scale in both whisky and brandy markets.
Commenting on the acquisition, Mr. Amit Dahanukar, Chairman and Managing Director of 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.” He added that Imperial Blue will serve as a launchpad for TI’s premiumisation strategy in the whisky space, helping build a robust portfolio across price points.