India’s CCI approves Tilaknagar Industries’ acquisition of Pernod Ricard’s Imperial Brands
The deal marks the largest domestic acquisition in India’s alcoholic beverages sector, boosting Tilaknagar’s whisky market expansion.
INDIA – The Competition Commission of India (CCI) has approved Tilaknagar Industries Limited’s (TIL) acquisition of Pernod Ricard India Private Limited’s (PRIPL) Imperial Brands business, encompassing the production, bottling, marketing, and sale of alcoholic and other beverages.
The €412.6 million (US$485.4 million) transaction, described as the largest acquisition in India’s alcoholic beverages sector by a domestic company, transfers ownership of the Imperial Brands portfolio, which includes the popular whisky brand Imperial Blue, from Pernod Ricard to Tilaknagar Industries.
Under the terms of the deal, TIL will make a deferred payment of €28 million (US$32.9 million) four years after the transaction’s completion.
The acquisition provides Tilaknagar Industries with a strategic foothold in India’s whisky segment, the largest category in the Indian-made foreign liquor (IMFL) market.
Imperial Blue, currently ranked as the third-largest whisky brand by volume in India, recorded sales of 22.4 million cases in the financial year ending March 2025, representing a nine per cent share of the national whisky market.
The acquisition is expected to strengthen Tilaknagar’s position in the sector and expand its distribution network nationwide.
Pernod Ricard, when confirming the divestment in July, stated that the sale would enable its India division to focus on premiumisation trends and drive sustainable, profitable growth across its portfolio.
For Tilaknagar Industries, the acquisition comes amid strong financial performance. In the quarter ending June 30, 2025, the company reported a 30.6% increase in revenue from operations to INR 409.1 crore (US$46.7M), compared to INR 313.2 crore (US$35.8M) a year earlier.
Profit after tax (excluding exceptional items) surged 120.8% to INR 88.5 crore (US$10.1M), supported by a 26.5% rise in sales volumes and market share gains across all key regions.
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