Tilaknagar Industries’ Potential Acquisition of Imperial Blue

Tilaknagar Industries is emerging as the leading contender to acquire Pernod Ricard India’s popular whisky brand, Imperial Blue, which is valued at ₹4,000–5,000 crore. The deal is expected to be finalized later this month, with Ravi-Deol-led Inbrew Beverages also in the running for the third-largest whisky brand in India. Sources indicate that Tilaknagar’s board will meet soon to consider a fundraising proposal likely tied to the acquisition. While the company has not disclosed details, it has stated that the capital raise could take the form of equity shares, debentures, or other instruments through public offerings, private placements, or QIPs. Pernod Ricard is reportedly looking to divest Imperial Blue—selling 22.9 million cases annually—to focus on its premium portfolio. Tilaknagar, known for its Mansion House brandy and with a strong presence in southern India, is aiming to expand its liquor portfolio under its Vision 2030 plan. The company currently derives 6% of its business from non-brandy products but aims to grow this to 20%. With a net revenue of ₹1,434 crore in FY25 and a significant jump in Ebitda and net profit, Tilaknagar is well-positioned for expansion. A successful acquisition of Imperial Blue would mark a major step in its journey to becoming a diversified player in the Indian spirits market.