Tilaknagar & Inbrew eye private debt to acquire Imperial Blue

Indian liquor majors Tilaknagar Industries and Inbrew Beverages are reportedly exploring private credit routes to raise funds for the acquisition of Imperial Blue, one of the top-selling whisky brands in India.

Both companies are said to be looking to raise around $500 million each from private credit funds to support their respective bids. Imperial Blue, owned by French beverage giant Pernod Ricard, has been valued between $600 million and $650 million.

“Both the companies have reached out to private credit funds to back them up whenever they win the bid,” said a fund manager quoted by a news report, adding that several funds have already provided conditional commitments to both parties, knowing only one will eventually proceed with the borrowing.

As per the report, Avendus Capital is advising Tilaknagar Industries, while Standard Chartered Bank is representing Inbrew Beverages. None of the involved companies or banks have commented on the matter so far.

The deal is expected to be finalised next month and, if successful, would mark the largest acquisition in India’s alcobev sector in over a decade.