Tilaknagar Industries invests US$2.3M in Black Tiger Distilleries
The investment gives Tilaknagar Industries a 30% stake in Black Tiger Distilleries and marks its first strategic move into the agave-based spirits category.
INDIA – Tilaknagar Industries Ltd (TI) is entering India’s fast-growing tequila market with a Rs 22 crore (US$2.3M) strategic investment in Black Tiger Distilleries (BTD), securing a 30% shareholding in the company on a fully diluted basis.
The investment will be made in two tranches, with Rs 6 crore to be invested initially and the remaining Rs 16 crore on or before 12 months from the first tranche.
The transaction marks TI’s third strategic investment in an emerging craft beverage business and its first move into the agave category. The company said the investment will support BTD’s ambition to make authentic 100% Blue Weber Agave tequila more accessible to Indian consumers.
According to IWSR data cited by TI, India is the fastest-growing major tequila market globally. Tequila volumes grew at around 60% CAGR between 2020 and 2025, with growth of approximately 34% in the latest year. The market is forecast to expand at a 13% CAGR through 2030.
Black Tiger Distilleries was founded by Mohnish Mehta to address a perceived gap in India’s tequila market, where consumers have traditionally had a choice between lower-priced mixto tequilas and 100% agave products positioned at the luxury end.
BTD’s flagship brand, Bodega Suprema No. 5, is made from 100% Blue Weber Agave and crafted and bottled at origin in Jalisco, Mexico.
The company has partnered with Productos Finos de Agave (PFA), a tequila manufacturer in Mexico, and Mansha Group of Companies, an Indian distributor of craft and premium spirits.
Sanaya Dahanukar, General Manager – Growth & Innovation at Tilaknagar Industries, said the investment is part of TI’s plans to build a broader luxury spirits portfolio.
“What excites us about Bodega Suprema No. 5 is the opportunity to enter a category we see as an emerging trend with significant long-term potential,” Dahanukar said.
She added that tequila would complement TI’s existing presence across whisky, brandy, gin, rum and vodka as the company develops its House of TI luxury portfolio.
Ameya Deshpande, Chief Strategy Officer at Tilaknagar Industries, said the company views tequila as a category that remains at an early stage of development in India but has considerable growth potential.
Mehta said identifying partners with category expertise and an understanding of the Indian spirits market was central to BTD’s strategy.
“With Tilaknagar Industries’ support, we see an opportunity to make authentic 100% Blue Weber Agave tequila more accessible to Indian consumers at a compelling premium price point,” Mehta said.
The investment expands TI’s strategic portfolio while giving the company exposure to India’s emerging tequila category through BTD and its Bodega Suprema No. 5 brand.
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