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Time of India
5 days ago
- Business
- Time of India
Brandy boss Tilaknagar eyes Imperial Blue in $600 million whisky chase
Tilaknagar Industries , the maker of Mansion House and Courrier Napoleon brandies , is the frontrunner in the race for the Imperial Blue whisky brand being sold by the French alcobev major Pernod Ricard , people familiar with the matter told ET. The brand has an estimated enterprise value of up to $600 million, and a deal will mean the largest M&A in India's liquor industry in more than a decade after Diageo 's buyout of United Spirits in 2013 for $1.9 billion. Inbrew Beverages , established by London-based serial entrepreneur Ravi Deol, is also in the reckoning. However, Pernod Ricard has found Tilaknagar's offer to be better, the people said, though Inbrew is not completely out of the running. As preferred party, Tilaknagar, which is India's fifth-largest alcoholic beverage firm by market cap, has been asked to submit a binding bid by June 23, the people said. Adding shine to brand, expanding portfolio Any potential deal will be financed through a combination of internal accruals, bank borrowings and private equity funding, they added. Japan's Suntory Holdings, owner of Jim Beam and Maker's Mark whiskies, initially showed interest in Imperial Blue but decided not to pursue the deal, they added. For homegrown Tilaknagar, led by Amit Dahanukar, a successful acquisition of Imperial Blue would help expand its brand as well as non-brandy portfolio. While brandy is a dominant category in Tilaknagar's portfolio, the company forayed into whisky in 2012, leveraging flagship brand Mansion House. However, more than 90% of its sales still comes from brandy. During its earnings call on May 21, chairman and managing director Dahanukar said Tilaknagar will focus on enhancing its presence within brandy and other Indian made foreign liquor (IMFL) categories through its own brands and strategic investments. Tilaknagar Industries has earlier acquired Round The Cocktails, Spaceman Spirits and Incredible Spirits. 'We regret we are unable to comment on the subject,' Dahanukar said in response to ET's query on the proposed deal. Imperial Blue ranks as the eighth bestselling whisky worldwide. In 2023, it sold 22.8 million nine-litre cases, according to Drinks International Millionaires' Club. Although these numbers are strong, sales are down from 2019, when it sold 26.3 million nine-litre cases. Imperial Blue was introduced in India by Canadian distiller Seagram in 1997. In 2001, Seagram sold its global business to Pernod Ricard and Diageo. The French company then took over the Indian business. In 2002, Pernod Ricard relaunched Imperial Blue with the advertising slogan 'men will be men.' Its success has grown year on year, making it Pernod Ricard's largest brand by volume, according to the company's website. Much of its success is credited to its memorable advertising line, which created a strong following in India. Selling Imperial Blue marks a change in focus for Pernod Ricard in the region. It aims to grow its premium brands like Glenlivet, Jameson and Chivas Regal. 'Pernod Ricard regularly reviews strategic options for its development, including its brand/business portfolio," said a company spokesperson, while declining to comment on the proposed deal. This move mirrors how UK drinks company Diageo sold 32 low-margin Indian brands, such as Haywards, Old Tavern, White Mischief, Honey Bee, Green Label and Romanov, in 2022 for ₹820 crore. The brands were bought by Deol's Inbrew. Deol is famous for starting Barista Coffee in 1999, which made him known as India's coffee man. By acquiring a stake in Imperial Blue, Inbrew aims to become one of the leading players in the industry. The company could not be reached for immediate comment. People aware of developments said Imperial Blue's valuation, among other factors, is also compared with listed drinks companies' valuations, which are 20–30 times operating profits. When estimating the value of a target asset, the discounted cash flow method is also used. This method values an investment by considering future cash flows.
Mint
24-04-2025
- Science
- Mint
‘Beyond Face Value': What French banknotes tell us about history
At an ongoing exhibition at the National Gallery of Modern Art, Mumbai, one can see a banknote for 500 Francs issued in 1994 in which the figure of scientist Marie Curie is right in the centre. Her husband and fellow scientist, Pierre, is shown standing just a little behind her. The two of them shared the Nobel Prize for physics in 1903, after which Marie went on to win her second Nobel for chemistry in 1911. Researcher-curator Rukmini Dahanukar finds it commendable that France honoured the Polish-born scientist, who later became a naturalised French citizen, with a banknote. 'The note acknowledges a woman scientist and puts her at the forefront like she deserves. Also, the choice of the colour depicts radioactivity," says Dahanukar, who has put together the show, Beyond Face Value: French Banknote Design from Around the World. The exhibition is a collaboration between the NGMA and Alliance Française de Bombay, and this particular banknote is one of the 25 being showcased from Dahanukar's private collection. 'French banknotes from across the globe are more than just monetary instruments—they are artistic masterpieces imbued with history, culture, and symbolism," states the gallery note. 'With their intricate designs, romanticism, and craftsmanship, these banknotes transcend their face value, offering a glimpse into a fascinating and often overlooked aspect of cultural heritage." Dahanukar's interest in this field of study came about while she was looking for a subject for her thesis while pursuing Masters in Communications from California State University. 'I wrote my thesis on the launch of the Euro, the loss of identity and the creation of a new transnational identity," she shares. This interest is not new. Nearly two decades ago, she started collecting banknotes and now has a collection of 4,000. 'There is so much to discover in these banknotes—from history to art, design, communication, propaganda, representation and more," she says. Also read: 'Signed, Lower Right': Devraj Dakoji's tryst with printmaking Dahanukar is currently writing a book on the subject. The current exhibition came together after a discussion with Laurent Vergain, director, Alliance Française de Bombay. 'For me, banknotes are not just tools of commerce; they are reflections of the times, values, and artistic expressions of a nation. This exhibition is an opportunity for all history and art enthusiasts to explore a slice of Francophone culture and expression before the emergence of the Euros," he says. The exhibition has travelled to Puducherry, Ahmedabad and Delhi before arriving in Mumbai, where large-size banknote replicas have been showcased next to their real size prints. Some real banknotes are on display as well. '20 years ago, when I had proposed my dissertation topic, one of my professors had remarked that banknotes are the most exchanged artwork in the world and hardly anyone talks about that," says Dahanukar. The exhibition is on till 24 April at the NGMA, Mumbai, from 10 am to 6 pm. Also read: Aamir Aziz, Anita Dube and the hypocrisy of political art
