A major shake-up could soon be underway in India’s liquor space, with Tilaknagar Industries, headed by Amit Dahanukar, emerging as the likely buyer for Pernod Ricard’s well-known whisky brand, Imperial Blue. The acquisition, pegged between ₹4,000-5,000 crore, is reportedly in the final stages, with insiders hinting at a formal announcement before the end of the month. Inbrew Beverages, led by Ravi Deol, is also still in the race, but Tilaknagar seems to have pulled ahead.
Both companies stayed tight-lipped when asked about the development, and Pernod Ricard India, too, didn’t offer any comment. However, Tilaknagar’s board is set to meet on Wednesday to explore a fresh round of fundraising—widely believed to be linked to the Imperial Blue deal. The funding could come through a mix of financial instruments like equity, bonds, debentures, preference shares, or warrants, depending on what the board decides. The company’s filing indicates the capital may be raised in multiple rounds, potentially through public offerings, private placements, rights issues, or QIPs.
Pernod Ricard has been weighing the sale of Imperial Blue—which clocks in at nearly 23 million cases sold annually—as it looks to pivot more aggressively towards its high-end offerings. In the pecking order of Indian whiskies, Imperial Blue holds the third spot, trailing only Diageo’s McDowell’s No. 1 (32.2 million cases) and Pernod’s own Royal Stag (31 million cases).
Tilaknagar, known best for its blockbuster Mansion House brandy, has been trying to diversify its alcohol portfolio. Its line-up currently features names like Mansion House Gold Barrel whisky, Madira Gold Dark rum, and Blue Lagoon gin. The brandy segment remains its biggest breadwinner, particularly in southern markets where Mansion House moves close to 8 million cases annually.
Speaking during the company’s last earnings call, Tilaknagar’s president of strategy and corporate affairs, Ameya Deshpande, gave a glimpse of where the company is headed. “By 2030, we want brandy to continue leading our business but aim for non-brandy products to make up 20% of our revenues—up from today’s 6%,” he said.
If the Imperial Blue deal goes through, it could mark a huge leap in that direction.
