Tilaknagar Industries Ltd has closed its Rs 4,150 crore all-cash acquisition of the Imperial Blue whisky business from Pernod Ricard India. This marks one of the largest buyouts in India’s alcoholic beverage sector by a domestic company. The Competition Commission of India cleared the deal on October 7, 2025, removing the final regulatory hurdle.
Deal structure
The enterprise value of the transaction stands at euro 412.6 million, equal to about Rs 4,150 crore. This also includes a deferred payment of euro 28 million, or Rs 282 crore, which will be paid four years after the deal closes in FY30.
The acquisition covers the production, bottling, marketing and sale of Imperial Blue as well as related brands such as Imperial Black and Imperial Red. It also includes two owned manufacturing facilities and services from co-manufacturing bottlers.
Tilaknagar Industries will fund the deal through a mix of debt and equity. The agreement also factors in normalized working capital of Rs 700 crore.
Strategic impact
Imperial Blue is India’s third-largest whisky brand by volume. It sold 22.4 million 9-litre cases in FY25 and generated Rs 3,067 crore in revenue.
The acquisition gives Tilaknagar Industries, known for its leadership in the brandy category with Mansion House, a strong platform to expand into whisky.
In an exchange filing, Chairman and Managing Director Amit Dahanukar said Imperial Blue will act as a launchpad for Tilaknagar’s whisky premiumisation plans. He added that the brand will help deepen the company’s national distribution reach.
Tilaknagar Industries share price
Tilaknagar Industries shares traded higher on December 1 at 10 AM, reflecting positive sentiment after recent corporate developments. The stock was quoted at Rs 482.20, up Rs 6.10, or 1.28 per cent, compared to the previous close of Rs 476.10 on November 28.
The stock opened at Rs 480.05 and moved to an intraday high of Rs 500.50, while the day’s low stood at Rs 475.00. The company’s market capitalisation was estimated at Rs 11.92K crore in early trade.
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