Raising the Bar: Tilaknagar's Game-Changing Imperial Blue Takeover

Updated: October 07, 2025 22:30

Image Source: Marketing Minds

The Competition Commission of India has approved Tilaknagar Industries’ acquisition of the Imperial Blue whisky business from Pernod Ricard India for Rs 4,150 crore. This strategic deal solidifies Tilaknagar’s position as a major player in India’s growing whisky sector.

In a landmark development for the Indian alcoholic beverages market, the Competition Commission of India (CCI) has officially approved Tilaknagar Industries Limited's acquisition of the Imperial Blue whisky business from Pernod Ricard India Private Limited. This regulatory nod has cleared a crucial step enabling Tilaknagar to complete the transaction valued at approximately Rs 4,150 crore.

This acquisition marks a significant expansion for Tilaknagar, a prominent player in the Indian Made Foreign Liquor (IMFL) industry known for brands like Mansion House Brandy, Courrier Napoleon Brandy, Mansion House Gold Whisky, and Blue Lagoon Gin. The Imperial Blue brand, currently the third-largest whisky by volume in India, will enhance Tilaknagar’s portfolio and market presence substantially.

Key highlights of this acquisition include:

The deal structure is a slump sale, with an enterprise value of 412.6 million Euros (around Rs 4,150 crore), which includes a deferred payment of about Rs 282 crore payable after four years from deal closure.
Imperial Blue generated a revenue of Rs 3,067 crore for the fiscal year ending March 2025, underlining its strong market presence.
Pernod Ricard India, the current owner, is the largest spirits maker in India with consolidated sales exceeding Rs 26,773 crore in FY24, underscoring the scale of this transfer.
Tilaknagar itself reported revenues of Rs 1,405 crore and an EBITDA of Rs 226 crore for the year ended March 2025 and recently became net debt-free post debt restructuring in Q2 2025.
This acquisition places Tilaknagar as a leading contender in the rapidly growing whisky segment in India, amplifying its competitive edge against global players.

The deal is expected to be completed by December 2025, further strengthening Tilaknagar’s product offerings and spreading its footprint in the Indian alcoholic beverages market. Industry experts view this move as a strategic consolidation that will shift market dynamics favorably towards Tilaknagar, boosting its growth trajectory in the competitive domestic spirits market.

Sources: Competition Commission of India, Moneycontrol, Press Information Bureau, The Economic Times, PTI News, The Week

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