Tilaknagar completes acquisition of Imperial Blue Business from Pernod Ricard India

Tilaknagar Industries Limited (TI) has completed the acquisition of the Imperial Blue (IB) business division from Pernod Ricard India Private Limited (PRI) through a slump sale for a lump-sum consideration of Rs 3,442 crore. The amount remains subject to post-closing adjustments as defined in the Business Transfer Agreement. The Competition Commission of India (CCI) approved the transaction on October 7, 2025.

In addition to the upfront consideration, TI will make a deferred payment of €28 million after four years from the transaction’s closure date, i.e., on November 30, 2029. The acquisition has been financed through internal accruals, fresh equity, and external debt, including Rs 2,093 crore raised via a preferential issue of equity shares and warrants to marquee investors and the Promoter Group, and Rs 2,100 crore secured in term loans.

Through this deal, TI gains ownership of the Imperial Blue brand and its allied trademarks, including Imperial Black and Imperial Red, on a global basis. TI has also entered into a Trademark License Agreement allowing the use of the “Seagram’s” name for IB during a defined transition period.

Further strengthening its operational readiness, TI has signed a long-term supply agreement with Chivas Brothers for Concentrated Alcoholic Beverage (CAB), a key raw material for producing IB products. To ensure a smooth handover, the company has also executed a Transitional Services and Manufacturing Agreement (TSMA) with PRI.

As part of the acquisition perimeter, TI will take over a manufacturing network consisting of two owned facilities in Punjab and Maharashtra and two exclusive sub-leased units in Telangana and Punjab. Additional shared manufacturing units will be available to TI for the duration of the TSMA. Moreover, 116 employees from PRI are expected to transition to TI.

Commenting on the milestone, Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries Limited, said, “The acquisition of Imperial Blue significantly scales up our business, representing a decisive step in our ambition to build a truly pan-India presence across all IMFL categories. This acquisition also accelerates our premiumisation journey, enabling us to broaden our offerings across P&A price-points and enhance the value we deliver to consumers.”

The transaction underscores TI’s continued focus on pursuing strategic opportunities that strengthen its market position while creating long-term, sustainable value for shareholders, employees, partners and other stakeholders.