Deal set to reshape India’s alcohol industry; brandy leader moves into whisky

Mumbai, July 24, 2025 Tilaknagar Industries, maker of Mansion House brandy, will acquire Imperial Blue whisky from French liquor giant Pernod Ricard. The landmark deal is worth ₹4,150 crore. This marks Tilaknagar’s major entry into the whisky segment. Moreover, this marks one of the largest buyouts by an Indian company in the alcoholic beverage sector. In a Wednesday statement, the company said the deal will happen in two tranches. It will pay ₹982 crore upfront. The remaining amount will be paid after four years. The transaction is expected to close within the next six months, subject to regulatory approvals.

Tilaknagar’s move signals a significant shift in its strategy. Already a market leader in the brandy category, the company aims to build a premium whisky portfolio through this acquisition. The strategy includes expanding distribution networks and tapping into India’s growing premiumisation trend across alcoholic beverages. Imperial Blue is one of India’s top-selling whisky brands. Over 90% of its sales come from within the country. It sells 22.4 million cases each year. It holds a 9% share in India’s whisky market. The total whisky market in India sees around 79 million cases sold each year. This acquisition elevates Tilaknagar’s status to the third-largest whisky player by volume in India.

Tilaknagar Industries Chairman and MD, Amit Dahanukar, said, “We’ve led the brandy segment. Now it’s time to broaden our portfolio and serve India’s evolving consumers.” This strategic acquisition helps us enter the whisky category with a trusted and established brand like Imperial Blue.”

For Pernod Ricard, the deal supports its global strategy to focus on faster-growing, high-profit premium brands. The company said exiting Imperial Blue will help streamline operations. Furthermore, it plans to invest more in high-margin products worldwide. “This sale lets us focus more on premiumisation in India and globally,” said Alexandre Ricard, Chairman and CEO of Pernod Ricard. Industry analysts view this as a key moment for India’s liquor market. Consequently, Tilaknagar has now emerged as a strong competitor in both the brandy and whisky segments. The dual-category presence positions the company to leverage India’s shifting consumption patterns and rising demand for premium alcohol options.

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