CCI approves Tilaknagar’s ₹4,150 crore acquisition of Imperial Blue whisky

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The Competition Commission of India (CCI) has approved Tilaknagar Industries Ltd (TIL)’s acquisition of the Imperial Blue whisky business from Pernod Ricard India, marking one of the largest deals in India’s alcoholic beverages market. The transaction, valued at ₹4,150 crore (€412.6 million), covers the production, bottling, marketing, and sale of the Imperial brands.

TIL, best known for its Mansion House Brandy, will integrate Imperial Blue into its portfolio through a slump sale structure, which includes a deferred payment of ₹282 crore to be made four years post-closure. The acquisition will instantly elevate Tilaknagar into India’s top three whisky makers by volume.

Imperial Blue, currently the third-largest whisky brand in the country, recorded ₹3,067 crore in revenue for FY25. Pernod Ricard, however, will continue to lead India’s spirits market, having posted consolidated sales of ₹26,773 crore in FY24.

For Tilaknagar, which recently became net debt-free after a major restructuring, the move represents a strategic pivot into high-growth categories. The company’s FY25 revenue stood at ₹1,405 crore, indicating a major scale-up opportunity with Imperial Blue’s integration.

Industry analysts say the CCI nod reshapes the Indian-Made Foreign Liquor (IMFL) landscape, potentially triggering consolidation across the premium whisky market. The deal also signals growing interest from domestic players in competing head-on with global liquor majors.