Tilaknagar Industries (TI), a key player in India’s alcoholic beverages space, is making headlines with a landmark acquisition. The company has signed a definitive agreement to buy the Imperial Blue whisky business division from Pernod Ricard India for approximately ₹4,150 crore (€412.6 million), through a slump sale deal. A part of the payment—€28 million (around ₹282 crore)—will be deferred and paid four years after the deal closes.
This acquisition marks TI’s biggest move yet, helping the company enter the whisky market in a big way. Imperial Blue, the third-largest whisky brand in India by volume, sold 22.4 million 9-litre cases in FY25 and generated revenue of ₹3,067 crore. The deal also includes two owned manufacturing units and access to several co-manufacturing partners across India.
Best known for its popular Mansion House Brandy, Tilaknagar Industries now aims to scale its presence across both the brandy and whisky segments, with a combined annual volume of 34 million cases. The acquisition fast-tracks TI’s goal of becoming a major whisky player and expanding its distribution footprint pan-India.
TI will use a mix of debt and equity to fund the acquisition, which is subject to CCI approval and is expected to close in six months. Deutsche Bank and Avendus Capital advised the deal, with legal and diligence support from Crawford Bayley, W.S. Kane, and Deloitte.
