Suntory revives bid to acquire Imperial Blue

Suntory Global Spirits has reportedly re-entered the race to acquire Imperial Blue from Pernod Ricard.

While Tilaknagar Industries was previously the frontrunner, a media report stated that the company is now grappling with funding constraints. Inbrew Beverages is also said to be a contender in the bidding process.

Suntory had last year expressed interest in the acquisition but withdrew over Pernod Ricard’s $1 billion asking price. However, with the French liquor major now reportedly lowering its expectations to the $600–$650 million range, Suntory has resumed negotiations. Binding offers are expected to be submitted within the next 10 days.

Imperial Blue, introduced in India in 1997, has been under the ownership of Pernod Ricard since 2001. Despite being India’s third-largest whisky brand by volume, Imperial Blue has experienced sluggish growth. In 2024, it sold 22.2 million cases, a marginal increase from the previous year, and has seen a 4 percent volume decline over the past five years. The brand sits in the deluxe segment, between mass-market and premium offerings.

Pernod Ricard is reportedly considering the sale as part of a broader restructuring strategy.