Tilaknagar Industries (TI) has finalized its acquisition of Pernod Ricard India’s Imperial Blue business through a Rs 3,442-crore slump-sale deal, marking one of the largest transactions in India’s IMFL sector. The deal, approved by the Competition Commission of India in October, gives TI control of India’s third-largest whisky brand by volume, which recorded sales of 22.4 million nine-litre cases and revenue of Rs 3,067 crore for the fiscal year ending March 2025. A deferred payment of €28 million is also scheduled four years post-closing.
The transaction broadens TI’s national reach and strengthens its positioning in the prestige whisky segment. It includes full ownership of the “Imperial Blue” brand along with trademarks such as “Imperial Black” and “Imperial Red,” and a time-bound license for the “Seagram’s” name during the transition. TI has also put in place transitional agreements with Pernod Ricard for manufacturing, supply, and services to ensure continuity. A long-term contract with Chivas Brothers guarantees uninterrupted supply of Concentrated Alcoholic Beverage, a critical raw material.
The acquisition encompasses two wholly-owned manufacturing units in Punjab and Maharashtra and two exclusive sub-leased units in Telangana and Punjab, with access to additional shared facilities during the transition period. As part of workforce integration, 116 employees from Pernod Ricard will join TI.
TI financed the acquisition using internal accruals, a preferential equity and warrants issue worth Rs 2,093 crore to institutional investors and promoters, and Rs 2,100 crore in term loans.
Amit Dahanukar, TI chairman and managing director, said the deal enhances the company’s pan-India presence and accelerates its premiumisation strategy across prestige-and-above segments. The company aims to leverage Imperial Blue’s established distribution network and brand equity to capture growth in India’s high-margin whisky market while consolidating its leadership in the prestige whisky category.
