Tilaknagar Industries takes over Imperial Blue from Pernod Ricard India

New Delhi: Tilaknagar Industries (TI), an Indian-Made Foreign Liquor (IMFL) manufacturer, has completed the acquisition of the Imperial Blue business division (IB) from Pernod Ricard India (PRI) through a slump sale, for a lump-sum consideration of INR 3,442 crore. The payment is subject to post-closing adjustments as per the terms of the Business Transfer Agreement.

In addition to the lump-sum consideration, a deferred payment of €28 million is scheduled four years after the transaction closure, on November 30, 2029. The acquisition was funded through a combination of internal cash accruals, fresh equity, and external debt.

TI raised INR 2,093 crore via a preferential issue of equity shares and warrants to marquee investors and the Promoter Group, alongside INR 2,100 crore secured through term loans. The Competition Commission of India (CCI) approved the transaction on October 7, 2025.

Imperial Blue is the third-largest whisky brand in India by volume, selling approximately 22.4 million nine-litre cases for the year ended March 2025 across India and other markets. The brand has over 25 years of heritage and reported revenue of INR 3,067 crore for the twelve months ending March 2025.

Through the transaction, TI has acquired the “Imperial Blue” brand and associated trademarks, including “Imperial Black” and “Imperial Red,” with global rights. The company has also entered into a Trademark License Agreement for the use of “Seagram’s” in connection with IB for a defined transition period.

To support production, TI has signed a long-term supply agreement with Chivas Brothers for Concentrated Alcoholic Beverage (CAB), a key raw material for IB products. Additionally, a Transitional Services and Manufacturing Agreement (TSMA) with PRI has been executed to ensure operational continuity.

The manufacturing footprint included in the transaction covers two owned units in Punjab and Maharashtra, two sub-leased units in Telangana and Punjab, and access to certain shared units during the TSMA period. As part of the acquisition, 116 employees are expected to be transferred from PRI to TI.