The acquisition has been funded through a mix of internal cash accruals, fresh equity and external debt
Tilaknagar Industries, an Indian-Made Foreign Liquor (IMFL) manufacturer, has completed the acquisition of the Imperial Blue business division (IB) from Pernod Ricard India or PRI via a slump sale for a lump-sum consideration of Rs 3,442 crore.
The acquisition has been funded through a mix of internal cash accruals, fresh equity and external debt. A preferential issue of equity shares and warrants to marquee investors and the promoter group helped raise Rs 2,093 crore, in addition to securing Rs 2,100 crore through term loans.
The lump sum consideration paid to PRI is further subject to post-closing adjustments in accordance with the terms and conditions set out in the business transfer agreement, as per the official statement. In addition to this amount, a deferred payment of Euro 28 million will be made after four years from the date of closure of the transaction.
“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 prestige-and-above price-points and enhance the value we deliver to consumers,” highlighted Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries.
The Competition Commission of India (CCI) had approved the transaction on 07 October 2025. Through this transaction, TI gains access to the Imperial Blue brand and allied trademarks, including Imperial Black and Imperial Red globally. Additionally, as part of the acquisition, TI has entered into a trademark license agreement for the use of Seagram’s in connection with IB for a defined transition period.
As part of the transaction, 116 employees are expected to be transferred from PRI to TI. The company has also entered into a long-term supply agreement with Chivas Brothers for Concentrated Alcoholic Beverage (CAB), an essential raw material for manufacturing IB products. To ensure a seamless transition, TI has entered into a Transitional Services and Manufacturing Agreement (TSMA) with PRI.
