Tilaknagar Industries Acquires Imperial Blue Whisky for ₹4,150 Crore
For Mansion House brandy, maker Tilaknagar Industries has entered into a ₹4,150 crore all-cash deal to acquire the business of the whisky brand Imperial Blue from French spirits major Pernod Ricard India. The slump sale comes with the structural provision of a deferred payment of ₹282 crore payable four years post-completion.
The buy is Tilaknagar’s largest foray into the whisky category, expanding from its leadership brandy portfolio. Imperial Blue, India’s best-selling whisky, saw 22.4 million cases in FY 2025 with revenues of ₹3,067 crore. The acquisition makes Tilaknagar a major player in the IMFL market with a strong distribution network and premium mass-market whisky brand.
The acquisition will be funded by the company in a combination of equity and debt, it will raise up to ₹6,500 crore. It hopes to complete the deal within six months, pending regulatory clearances, including the Competition Commission of India.
Market experts see the transaction as one of the biggest in India’s liquor industry after Diageo’s 2013 purchase of United Spirits. Tilaknagar’s shares jumped close to 5% in response to the news, reaching a record high of ₹496.95.
Managing Director Amit Dahanukar said the acquisition will unlock strong growth synergies by bringing together Imperial Blue’s brand strength and Tilaknagar’s operational excellence.
With this historic acquisition, Tilaknagar will become a complete multi-category liquor behemoth, good enough to take on multinational giants in India’s fast-expanding whisky industry.
