Tilaknagar Industries has entered exclusive negotiations to buy Imperial Blue whisky from French spirits major Pernod Ricard, according to Moneycontrol reports. If discussions move forward, a final agreement could be signed later this month.
Tilaknagar plans to fund the proposed deal through a mix of debt and equity. The valuation of the deal is yet to be confirmed, as per news reports, it ranges from $600-$650 million.
Besides Tilaknagar, Inbrew Beverages and Japan's Suntory were also part of the bidding process, as per The Economic Times. Inbrew, which owns brands like Bagpiper and Romanov, remains a contender if talks with Tilaknagar do not materialise.
Imperial Blue was launched in India in 1997 and was later acquired by Pernod Ricard through its purchase of Seagram’s India business in 2001. In 2023, it sold 22.8 million 9-litre cases, making it the 3rd-largest whisky brand in India, as per Drinks International Millionaires’ Club.
The potential sale is part of Pernod Ricard’s plan to shift focus toward its premium portfolio, which includes brands like Chivas Regal and Jameson. Imperial Blue falls under the “deluxe” category and has seen slower growth in recent years.
With an 8.6% share of India’s whisky market, Imperial Blue trails McDowell’s and Royal Stag. Over the past 5 years, it has recorded a 4% decline in volumes.
Read more: Best Liquor Stocks in July 2025: Tilaknagar Industries, Som Distilleries and More Based on 5-Yr CAGR!
Tilaknagar Industries, known for Mansion House brandy, is looking to expand into whisky and other non-brandy segments. In Q1FY25, its net profit rose 55.7% YoY to ₹40.09 crore.
As of 09:42 AM on July 8, 2025, Tilaknagar Industries share price was at ₹345.90, a 1.90% increase. The stock is down 21.07% over the past 6 months and up 41.39% over the past year.
If completed, the deal would mark one of the bigger transactions in India’s liquor space since Diageo’s 2014 acquisition of United Spirits for $1.9 billion, as per news reports.
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Published on: Jul 8, 2025, 9:43 AM IST
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