Pernod Ricard has finalised the sale of its popular Imperial Blue whisky business to India’s Tilaknagar Industries, marking a major shift in the Indian alcoholic beverages market.

Details of the Transaction

The deal, officially announced on July 24 after weeks of industry speculation, places the enterprise value of the transaction at €412.6 million (approximately $485.4 million).

This is according to Tilaknagar’s disclosure in a stock exchange filing.

Describing the acquisition as a milestone move, Tilaknagar Industries noted.

Strategic Rationale

Also, in a statement, Pernod Ricard said the deal “strengthens” its portfolio in the country, “enabling the business to fully tap into premiumisation trends and support sustained, profitable growth”.

Jean Touboul, the CEO of Pernod Ricard’s business in India, said the sale will allow the Absolut vodka owner to “unlock further profitable growth and sharpen its focus on premiumisation and innovation”.

Deal Structure and Scope

In other words, the agreement, which includes a €28m deferred payment due four years after the closing of the deal.

Meanwhile, it covers “two owned units and services from co-manufacturing bottlers across India”, Tilaknagar Industries added.

Market Impact

The deal, the business said, “fast-tracks its foray” into India’s whisky segment, which it described as “the largest IMFL [Indian-made foreign liquor] category in India”.

The group, which markets brands including Mansion House whisky and Madiraa rum, said Imperial Blue is the third largest whisky brand in India by volume.

Financial Highlights

The business changing hands reported revenue of Rs30.67bn ($355.1m) for the year to the end of March, selling 22.4 million nine-litre cases.

Future Prospects

Tilaknagar Industries added the acquisition “significantly expands” its distribution reach, “reinforcing its evolution into a truly pan-India player”, with “strong scale” across both brandy and whisky.

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