Tilaknagar Industries Acquires Imperial Blue from Pernod Ricard for ₹4,150 Crore, Enters Indian Whisky Market

Tilaknagar Industries Ltd., India’s leading brandy maker and parent company of Mansion House, has announced the acquisition of Imperial Blue, one of the top whisky brands in the country, from Pernod Ricard India. The deal, valued at an enterprise price of ₹4,150 crore, marks Tilaknagar’s significant expansion into the Indian whisky segment and a broader push toward becoming a pan-India IMFL (Indian-Made Foreign Liquor) powerhouse.

This landmark transaction positions Tilaknagar Industries as a major player in both the brandy and whisky segments—the two largest categories in the Indian IMFL market. With Imperial Blue currently ranked as the third-largest IMFL brand in India, the acquisition is expected to significantly strengthen Tilaknagar’s product portfolio and national distribution network.

 “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,” said Amit Dahanukar, Chairman and Managing Director of Tilaknagar Industries. “This strategic acquisition allows us to enter the whisky category with one of the country’s most trusted and admired brands.”

Tilaknagar stated that Imperial Blue will serve as a key foundation for the company’s premium portfolio and long-term growth strategy. The acquisition supports its vision to transform into a leading national IMFL player with a robust presence across multiple liquor categories.

On the seller's side, Pernod Ricard India noted that the move aligns with its global strategy to focus on high-margin, premium brands.

 “This sale strengthens our portfolio and allows us to fully tap into India’s premiumization trends,” said Alexandre Ricard, Chairman and CEO of Pernod Ricard. “It’s a strategic decision that aligns with our long-term growth ambitions in one of our most important markets.”

The French liquor major emphasized that the transaction would enhance its operating margins and net sales growth rate in India, while sharpening its focus on more profitable, fast-growing segments.

The deal is still subject to regulatory approvals, including clearance from the Competition Commission of India (CCI), and is expected to close in the coming months.

The transaction was backed by Deutsche Bank and Avendus Capital as financial advisors. Avendus also acted as the exclusive financing arranger for Tilaknagar. Legal support was provided by Crawford Bayley & Co. and W.S. Kane & Co., with Deloitte serving as the diligence advisor.