Tilaknagar Industries Ltd (TI), the maker of Mansion House, India’s top-selling brandy and the second-largest globally, has announced the acquisition of the Imperial Blue whiskey business from French liquor giant Pernod Ricard for an enterprise value of ₹4,150 crore.
The strategic acquisition marks Tilaknagar’s entry into the whiskey segment, reinforcing its ambition to become a major player across the two largest Indian Made Foreign Liquor (IMFL) categories—brandy and whiskey.
“Having achieved leadership in the brandy segment, it is now time for us to broaden our portfolio and cater to India’s diverse and evolving consumer base,” said Amit Dahanukar, Chairman and Managing Director of Tilaknagar Industries. “This strategic acquisition allows us to enter the whiskey category with one of the country’s most trusted and admired brands.”
Imperial Blue, currently the third-largest brand in the Indian IMFL market, will serve as a pillar of Tilaknagar’s premium portfolio strategy and significantly strengthen the company’s distribution network across India.
Strategic Deal Details
Tilaknagar Industries will finance the acquisition through a combination of debt and equity. The company was advised by Deutsche Bank and Avendus Capital, the latter also serving as the exclusive financing arranger. Legal support was provided by Crawford Bayley & Co. and W.S. Kane & Co., while Deloitte served as the diligence advisor.
The transaction is subject to approval from the Competition Commission of India (CCI) and is expected to close in the coming months.
Pernod Ricard Refocuses on Premium Portfolio
Pernod Ricard described the sale as a strategic decision to sharpen its focus on premiumization and long-term growth in one of its key global markets.
“This sale strengthens Pernod Ricard India’s portfolio, enabling the business to fully tap into premiumization trends and support sustained, profitable growth,” the company said.
Alexandre Ricard, Chairman and CEO of Pernod Ricard, added: “This transaction represents a win-win for all stakeholders. It allows us to focus on faster-growing, more profitable brands in India, a key priority market.”
With the acquisition of Imperial Blue, Tilaknagar Industries positions itself as one of the leading players in India’s growing spirits sector, leveraging a powerful combination of brand legacy and distribution strength to drive future expansion.
Tilaknagar’s portfolio includes Mansion House Gold Barrel Whiskey, Blue Lagoon Gin, and Madira Gold Dark XXX Rum, with this acquisition further accelerating its ambition to scale as a diversified national liquor brand.
