Cheers to Change: Pernod Ricard Uncorks ₹4,150 Cr Exit from Imperial Blue, Tilaknagar Takes the Crown

Indian arm of French beverages giant Pernod Ricard has signed a definitive agreement to sell its flagship Imperial Blue whisky business to Tilaknagar Industries for an enterprise value of ₹4,150 crore (€412.6 million). The transaction is a milestone one, one of the biggest ever in India's dynamic liquor industry, and aims to concentrate Pernod Ricard's energies on its premium and fast-growing portfolio in India.

 

The transaction includes two owned assets, a national co-manufacturing network, and the sale of the Imperial Blue brand that moved 22.4 million 9-litre cases in FY2025—India's third-largest volume whisky. ₹282 crore will be received four years from the close in a deferred payment. The transaction is subject to Competition Commission of India approval and is expected to close in six months.

 

Key Highlights:

 

Deal Value: ₹4,150 crore, with ₹282 crore paid over four years.

 

Strategic Reasoning: Enables Pernod Ricard to double down on premiumization, capitalising on the growth tailwinds of high-growth brands like Chivas Regal, Royal Stag, and The Glenlivet.

 

Short-term Impact: To be "immediately and meaningfully accretive" to Pernod Ricard India's operating margins and net sales growth rate.

 

Tilaknagar's Ambition: Speeds up its foray into the whisky business and makes the group a genuine pan-India spirits giant.

 

Regulatory Approval: Completion subject to the clearance of the Competition Commission of India.

 

Market Response: Tilaknagar Industries' stock rose, which indicates market confidence in the takeover.

 

Source: Moneycontrol, Reuters, CNBCTV18, Fortune India