Pernod completes Imperial Blue whisky sale
Indian spirits producer Tilaknagar Industries has finalised its purchase of the Imperial Blue business division from Pernod Ricard for €412.6 million (US$485m).
The acquisition of the Indian blended whisky brand was initially announced in late July 2025. The Competition Commission of India approved the transaction on 7 October 2025.
Amit Dahanukar, chairman and managing director of Tilaknagar Industries, said: “The acquisition of Imperial Blue significantly scales up our business, representing a decisive step in our ambition to build a truly pan-India presence across all Indian-made foreign liquor (IMFL) categories.
“This acquisition also accelerates our premiumisation journey, enabling us to broaden our offerings across prestige-and-above price-points and enhance the value we deliver to consumers.”
In addition to the initial payment of €412.6m, a deferred payment of €28m (US$32.5m) will be made four years after the transaction’s closing date.
Imperial Blue is the third-largest whisky brand in India by volume, with approximately 22.4m nine-litre cases sold for the year ending March 2025.
The business reported revenue of INR 3,067 crore (US$343.1m) for the 12 months ending in March 2025.
Tilaknagar takes on Pernod employees
As part of this transaction, 116 employees are expected to be transferred from Pernod Ricard to Tilaknagar.
Through the acquisition, Tilaknagar gains access to the Imperial Blue brand along with its associated trademarks, including Imperial Black and Imperial Red, on a global scale. Furthermore, as part of the deal, the company has entered into a trademark license agreement that allows the use of ‘Seagram’s’ in connection with the brand for a specified transition period.
The company has also signed a long-term supply agreement with Pernod Ricard’s Scotch whisky arm, Chivas Brothers, for concentrated alcoholic beverages, said to be a key raw material for the production of Imperial Blue.
To support the transition, Tilaknagar has also established a manufacturing agreement with Pernod Ricard India.
The manufacturing operations included in this transaction comprise two owned facilities located in Punjab and Maharashtra, as well as two exclusively sub-leased units in Telangana and Punjab. Additionally, Tilaknagar will have access to specific shared facilities.
The acquisition was financed through a combination of internal cash reserves, new equity, and external debt.
Last month, Tilaknagar Industries launched Seven Islands Pure Malt Whisky, described as an ‘Indo-Scottish style’ pure malt.
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