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Japan' Suntory renews bid for Imperial Blue as rivals face funding issues
Rahul Goreja New Delhi
After initial interest last year, Japanese liquor major Suntory has revived its plan to acquire Imperial Blue whisky from French spirits group Pernod Ricard, The Economic Times reported.
Tilaknagar Industries, known for its Mansion House and Courrier Napoleon brandies, was the frontrunner until now, but it is reportedly facing funding challenges. Inbrew Beverages, founded by London-based entrepreneur Ravi Deol, is also said to be in the fray.
Suntory also showed interest in the acquisition last year, but reportedly dropped out of the race due to Pernod Ricard's demand of $1 billion for Imperial Blue. Since then, they have cut their demand and are reportedly seeking $600-$650 million.
According to the report, binding offers for the same are due in the next 10 days.
Third-largest whisky brand for sale
Imperial Blue, one of the country's leading whisky labels by volume, is being considered for sale as part of a wider restructuring by owner Pernod Ricard. Positioned in the deluxe segment—situated between mass-market and premium offerings—the brand recorded sales of 22.2 million cases in 2024, showing minimal growth compared to the previous year.
Despite being the third-largest whisky brands in India, holding an 8.6 per cent share of the Indian whisky market and ranking behind McDowell's and Royal Stag, Imperial Blue's performance has seen a gradual dip, with overall volumes declining 4 per cent over the last five years. It was first introduced in India in 1997 by Canadian distiller Seagram. In 2001, Seagram sold its global business to Pernod Ricard and Diageo, with Pernod Ricard taking over the Indian business.
Suntory strengthens India presence
Suntory, the company behind The Yamazaki and Hibiki whiskies, continues to hold a dominant position in the Japanese whisky segment in India. The company, which also owns Teacher's—the fifth-largest Scotch brand in the country—has a strong presence in the American whisky segment as well, with a 44 per cent share, the report added.
Its Indian subsidiary Beam Global posted a 12 per cent rise in revenue to ₹1,304 crore in the financial year 2023–24. Over recent years, Beam Global has introduced several new products in the Indian market, including the domestically produced Oaksmith whisky, Japanese whiskies The Yamazaki and Hibiki, Toki whisky, and Roku gin.
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