Tag Archives: Indian Business

December 2025 Issue

The December 2025 issue of Ambrosia is now live! (Click here)

The December 2025 issue of Ambrosia Magazine is here!

It features engaging and insightful articles such as:

• INDSPIRIT 2026
• What to expect in 2026
• Updates on the MML vs ISWAI case
• Pernod Ricard: India’s bet on repertoire drinking
• India’s alcohol economy in 2025: Scale, state power, and structural friction
• Court allows PLL holders to register labels, pending final order
• Exclusive interviews with Pernod Ricard and Bacardi, and many more

As 2026 Beckons: Reading the Signals of a Changing Alcobev India

INDSPIRIT 2026 and Tunes & Tonic Announced

If the final month of this year is anything to go by, 2026 promises to arrive with more than just optimism — it comes with momentum. The year gone by has been anything but quiet for India’s alcobev industry. From the Maharashtra government’s face-off with ISWAI to intense conversations around state control, taxation, and regulatory balance, 2025 has underlined how scale, state power, and structural friction continue to define this business. Yet, amid these challenges, the industry has also demonstrated resilience, adaptability, and an unmistakable appetite for growth.

Throughout the year, Ambrosia has stayed at the forefront of these developments — tracking policy shifts, decoding consumer behaviour, and spotlighting growth stories that make India’s alcobev landscape one of the most dynamic in the world. It is an industry shaped as much by regulation as it is by aspiration, and one that continues to evolve at a pace few global markets can match.

And speaking of consumer behaviour, 2026 will also mark the 21st edition of INDSPIRIT 2026, alongside the debut of Tunes & Tonic, a new consumer-facing experience set to take place in Gurugram on 6–7 March 2026. Together, these events promise to be bigger, bolder, and more immersive — celebrating the industry’s achievements while creating an energetic, music-led atmosphere that resonates with today’s experience-driven consumer.

In this issue, we continue that focus. Our editorial lens turns firmly toward the year ahead, unpacking insights that help decode where the Indian consumer is headed in 2026. From changing drinking occasions and premiumisation to the growing influence of moderation, mixers, and experience-led consumption, these stories are designed to help brands, distributors, and industry stakeholders plan better — whether that means sharper portfolios, smarter strategies, or more meaningful consumer engagement.

For those looking to understand the year that was, our feature India’s Alcohol Economy in 2025 offers a comprehensive snapshot of the forces that shaped consumption, regulation, and market sentiment. Built on perspectives from industry leaders, the article captures both the pressures and possibilities that defined the past year.

Equally compelling are our conversations with Jean Touboul, CEO of Pernod Ricard India, and Inderjit Singh Dhingra of Bacardi. Their insights shed light on how consumer preferences are shifting, how brands are responding, and what trends are likely to shape portfolios and conversations in the year ahead.

As the industry steps into a new year, one thing is clear — 2026 will reward those who listen closely to the market, adapt swiftly to change, and remain committed to quality and relevance. The challenges are real, but so are the opportunities. At Ambrosia, our endeavour remains unchanged: to inform, to question, and to provide clarity in a fast-evolving landscape. As the next chapter unfolds, we look forward to chronicling an industry that continues to redefine itself — one decision, one policy, and one drink at a time.

Tilaknagar Industries to Acquire Imperial Blue from Pernod Ricard India

  • Tilaknagar Industries to become a PAN-India Player in Alcoholic Beverages
  • Acquisition is a strategic move to fast-track Tilaknagar Industries’ whisky foray
  • Pernod Ricard to accelerate focus on Premiumisation and Innovation

IMFL manufacturer Tilaknagar Industries Limited (TI) has entered into a definitive agreement to acquire Imperial Blue business division (IB) from Pernod Ricard India Private Limited via slump sale, for a lump sum consideration, basis enterprise value of €412.6 million (which translates to approx. ₹4,150 crores as on date). The consideration includes deferred payment of €28 million (₹282 crore as on date), to be paid four years after the date of closure of the transaction.

The proposed transaction includes acquisition of the IB, with 22.4 million 9-litre cases sold in the year ended March 2025 across India and other markets, including two owned units and services from co-manufacturing bottlers across India.

Imperial Blue is the third largest whisky brand in India by volume, with over 25 years of brand heritage. The underlying business had reported revenue of ₹3,067 crore for the year ended March 2025. TI is one of the leading IMFL players with leadership in brandy, the second largest IMFL category. Mansion House Brandy, TI’s flagship brand, is one of the largest selling brands in India and globally.

This landmark acquisition, largest in Indian alcoholic beverages space by an Indian company, fast-tracks TI’s foray into whisky segment, the largest IMFL category in India. It also significantly expands TI’s distribution reach, reinforcing its evolution into a truly pan-India player having strong scale across both brandy and whisky with a combined volume of 34 million 9-litre cases for the year ended March 2025.

Amit Dahanukar, Chairman and Managing Director, Tilaknagar Industries Limited said, “Having achieved leadership in the brandy segment, it is now time for us to broaden our portfolio and cater to India’s diverse and evolving consumer base. While we continue to grow our business organically, this strategic acquisition allows us to enter the whisky category with one of the country’s most trusted and admired brands.”

Imperial Blue will act as TI’s launchpad for a significant whisky premiumisation journey, enabling TI to build a strong whisky portfolio across premium price-points. “We’re excited to build on Imperial Blue’s strong foundation and take it to new heights”, Dahanukar added.

Tilaknagar Industries reported revenue of ₹1,405 crore and EBITDA of ₹226 crore for the year ended March 2025. The transaction is a result of the continuous assessment and evaluation of strategic opportunities, in line with a longstanding policy to deliver sustainable value for the shareholders, employees and partners of TI.

India, second-largest market for Pernod Ricard

Pernod Ricard said that the sale strengthens Pernod Ricard India’s portfolio, enabling the business to fully tap into premiumisation trends and support sustained, profitable growth. As Pernod Ricard’s second-largest market, India is a strategic priority, and this realignment improves the ability to capitalise on the country’s strong macroeconomic fundamentals and long-term potential. Upon closing, the transaction is expected to be immediately and meaningfully accretive to Pernod Ricard India’s operating margin and net sales growth rate.

Pernod Ricard’s active portfolio management is a key contributor to its dynamic growth across categories and geographies. The transaction is the result of the Group’s continuous assessment of its strategic opportunities, in line with its long-standing commitment to deliver sustainable value to its shareholders, employees, clients and partners. 

Alexandre Ricard, Chairman and CEO of Pernod Ricard, stated, “We are pleased to announce the sale of the Imperial Blue business division, a strategic move to sharpen our focus on more profitable and faster growing brands in India, like in the rest of the world. This transaction represents a win-win for all stakeholders involved, both at the global and local level. It fuels our ambition to succeed even further in one of our top markets. This will further streamline our operations as we continue to invest in India’s outstanding growth.”

Jean Touboul, CEO of Pernod Ricard India added, “By exiting the Admix Value segment, this disposal will allow Pernod Ricard India to unlock further profitable growth and sharpen its focus on premiumisation and innovation. It will also enable the company to allocate resources more effectively toward high-growth brands such as Royal Stag, which has already surpassed the 30-million cases milestone, Blenders Pride, and international brands like Chivas, Jameson, Absolut, and Ballantine’s. 

Driving the next phase of growth, we are entering an exciting new chapter, one that will see bold innovations and an expanded premium portfolio tailored specifically for the evolving Indian consumer.”

The proposed transaction is subject to approval from the Competition Commission of India, with closure anticipated in about six months from signing the definitive agreement. TI will raise a mix of debt and equity to finance the transaction.

Deutsche Bank and Avendus Capital acted as financial advisors, with Avendus Capital also serving as the exclusive financing arranger to TI. Crawford Bayley & Co. and W.S. Kane & Co. acted as legal counsels while Deloitte served as the diligence advisor to TI.