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Tilaknagar Industries completes Rs 3,442-crore acquisition of IB business from Pernod Ricard India
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Tuesday, 02 December, 2025, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Tilaknagar Industries Limited (TI), one of India’s leading IMFL manufacturers, has formally completed the acquisition of the Imperial Blue (IB) business division from Pernod Ricard India Private Limited (PRI) for a lump-sum consideration of Rs 3,442 crore, marking one of the biggest transactions in India’s spirits sector. The payment remains subject to post-closing adjustments as per the business transfer agreement. In addition, TI will make a deferred payment of €28 million after four years from the deal closure.
The acquisition has been financed through a combination of internal cash accruals, fresh equity infusion and external borrowings. TI raised Rs 2,093 crore via a preferential issue of equity shares and warrants to marquee investors and its Promoter Group, alongside securing Rs 2,100 crore in term loans to support the transaction.
The deal received approval from the Competition Commission of India (CCI) on October 7, 2025.
Imperial Blue is India’s third-largest whisky brand by volume, with sales of 22.4 million nine-litre cases in FY25 and revenue of Rs 3,067 crore in the trailing twelve months ending March 2025. With a legacy of over 25 years, the brand enjoys a strong and widespread consumer base across India and international markets.
Through this acquisition, TI gains global ownership of the “Imperial Blue” brand and related trademarks, including “Imperial Black” and “Imperial Red.” TI has also signed a Trademark License Agreement for the temporary use of the “Seagram’s” name during the transition period.
To ensure uninterrupted production, TI has entered a long-term supply agreement with Chivas Brothers for Concentrated Alcoholic Beverage (CAB), a key raw material. A Transitional Services and Manufacturing Agreement (TSMA) with PRI will further support a smooth integration process. The transaction includes two owned manufacturing units in Punjab and Maharashtra and two exclusive sub-leased units in Telangana and Punjab, with access to additional shared units during the TSMA period. Around 116 employees from PRI will also transition to TI.
Amit Dahanukar, chairman and managing director, TI, said the acquisition marks a “decisive step” in building a pan-India IMFL presence and strengthens TI’s premiumisation roadmap.
Advising the deal were Deutsche Bank and Avendus Capital, with legal support from Crawford Bayley & Co. and W.S. Kane & Co., and diligence oversight by Deloitte. Ernst & Young has been appointed for integration advisory.
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