Tilaknagar Industries to acquire Imperial Blue division from Pernod Ricard for ₹4,150 crore

Tilaknagar Industries Limited on Wednesday (July 23) said it has signed a definitive agreement to acquire the Imperial Blue business division from Pernod Ricard India Private Limited. The acquisition will be executed through a slump sale for a lump sum consideration based on an enterprise value of €412.6 million, which is approximately ₹4,150 crore as of the date.

As per the Business Transfer Agreement, the deal includes a deferred payment component of €28 million (approximately ₹282 crore), which will be payable four years after the closure of the transaction. The acquisition is subject to adjustments as outlined in the agreement. This transaction marks a significant step for Tilaknagar Industries as it positions the company to become a PAN-India player in the alcoholic beverages sector.

The proposed transaction includes the acquisition of Imperial Blue, with 22.4 million 9-litre cases sold in the year ended March 2025 across India and other markets, including two owned units and services from co-manufacturing bottlers across India.
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Imperial Blue is the third largest whisky brand in India by volume, with over 25 years of brand heritage. The underlying business had reported revenue of INR 3,067 crore for the year ended March 2025. Imperial Blue is one of the leading IMFL players with leadership in brandy, the second largest IMFL category. Mansion House Brandy, Imperial Blue’s flagship brand, is one of the largest-selling brands in India and globally.

This landmark acquisition, the largest in the Indian alcoholic beverages space by an Indian company, fast-tracks TI’s foray into the whisky segment, the largest IMFL category in India. It also significantly expands TI’s distribution reach, reinforcing its evolution into a truly pan-India player having strong scale across both brandy and whisky with a combined volume of 34 million 9-litre cases for the year ended March 2025.

The proposed transaction is subject to approval from the Competition Commission of India, with closure anticipated in about six months from signing the definitive agreement. Tilaknagar Industries will raise a mix of debt and equity to finance the transaction.

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Deutsche Bank and Avendus Capital acted as financial advisors, with Avendus Capital also serving as the exclusive financing arranger to Tilaknagar Industries. Crawford Bayley & Co. and W.S. Kane & Co. acted as legal counsels while Deloitte served as the diligence advisor to Tilaknagar Industries.

Shares of Tilaknagar Industries Ltd ended at ₹473.05, up by ₹3.45, or 0.73%, on the BSE.