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Time of India
2 days ago
- Business
- Time of India
A home-grown liquor giant is making a bold pivot
The making of India's brandy boss Live Events You Might Also Like: India-UK FTA will make Scotch whiskies more competitively priced: Pernod Ricard India You Might Also Like: Alcohol makers seek phased import duty cuts, strong safeguards to prevent EU FTA misuse From brandy to whisky You Might Also Like: Amrut launches its ₹10 lakh marquee Indian single malt whisky (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Amid a rapidly transforming market, one of India's home-grown liquor producer is taking a sharp turn. Premium brandy manufacturer Tilaknagar Industries Ltd, the owner of India's biggest and the world's second biggest brandy brand Mansion House , is reportedly eying a big foray into whisky business. ET has reported based on information from people familiar with the matter that Tilaknagar Industries is the frontrunner in the race for the Imperial Blue whisky brand being sold by the French alcobev major Pernod Ricard Imperial Blue, Pernod Ricard's largest brand by volume, has an estimated enterprise value of up to $600 million, as per the ET report, 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. Chairman-cum-Managing Director Amit Dahanukar refused to comment on ET's query on the proposed has been asked to submit a binding bid by June 23, as per the ET report, while Inbrew Beverages , established by London-based serial entrepreneur Ravi Deol, is also in the is one of the biggest markets for brandy, accounting for nearly 40% of the overall consumption globally. In India, brandy is the second most consumed alcoholic beverage after whisky, but more than 98% is sold in southern India, especially Kerala and Tamil Industries, or TIL, India's fifth-largest alcoholic beverage firm by market cap, is the leader by far in India's brandy business. The company enjoys a leadership position in the segment with 94% of total volume) in the IMFL industry, with a market share of nearly 25%, excluding Tamil Nadu, as per a CRISIL analysis from December last year. Within the prestige and above segment, TIL has around 30% market share. Brandy is the second largest in the spirits category, forming over 20% volume share after whiskey (55%).Tilaknagar was founded in 1933, as The Maharashtra Sugar Mills Ltd by Mahadev L Dahanukar. In the 1970s, the company shifted its focus to alcohol production, and soon became a prominent manufacturer of alcoholic beverage (alcobev) brands in India. Tilaknagar is the maker of India's highest-selling premium brandy brands, Mansion House and Courrier Napoleon. The company offers over 15 different brands of brandy, whiskey, gin, rum and vodka, with a focus on the 'prestige-and-above' segments. Manufacturing operations span 19 units, including 4 owned units and 15 contract manufacturing company has a strong distribution network of nearly 40,000 outlets across the country, and sells mainly through state corporations, direct sales, and distributors. It also exports to Africa, Middle East, East and South-East Asia and Europe, as per CRISIL. Tilaknagar is a major player in south India, which accounted for around 86% of total revenue. The promoters have experience of more than five decades and strong relationships with dealers/distributors. CMD Amit Dahanukar joined the board in 2001 and has been instrumental in guiding the company through its troubled phase and reviving the business forms nearly 20% of the overall IMFL market in India. Tilaknagar is the largest player in the brandy segment with nearly 25% market share excluding Tamil Nadu (market dominated by local players). Tilaknagar has a strong foothold and brand-recall in South Indian states (AP, Telangana, Karnataka, Kerala and Puducherry). In fiscal 2024, the company sold over 11.2 million cases (1 case = 9 litres), reflecting 16% increase compared to fiscal 2023, with southern states contributing 86% of the volume, as per Tilaknagar, 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 IMFL categories through its own brands and strategic investments. Tilaknagar had earlier acquired Round The Cocktails, Spaceman Spirits and Incredible Spirits. Tilaknagar has been in a long-drawn trademark dispute with Allied Blenders & Distillers (ABD) and Dutch distiller Herman Jansen Beverages (formerly UTO) over its Mansion House if it indeed ends up buying Imperial Blue, will be making a big push into the whisky market when it is in ferment. After several years of growth, demand for spirits across categories slowed down to 1.6% in FY25, falling from 4.2% a year ago. Volume sales of whiskey, which accounts for roughly two-thirds of the market, saw a muted 1.5% increase in volume last fiscal while brandy and vodka sales were flat, according to excise department data reported by ET. Brandy grew less than 1%. Globally too, liquor sales fell 1% by volume in 2024, according to alcohol market researcher IWSR, which attributed this to large markets such as China and India failing to live up to growth projections. Spirits slowdown in India has been attributed mainly to distribution changes in a few states, higher taxes and tipplers cutting back on most discretionary spends including these disruptions, liquor industry in India holds immense potential. Despite being the world's most populous nation with more than 1.4 billion inhabitants, India's drinking consumer base is estimated at around 300 million-of whom nearly half rely on cheap, unbranded 2024, India's alcohol industry is valued at approx. $64.19 billion with projections indicating it could reach $115.27 billion by 2034 at a CAGR of 6.7 per cent, as per an ET report. Spirits like whisky, vodka and rum are expected to dominate the market reaching USD 50.55 billion by 2034. India remains one of the world's largest consumers of whisky, accounting for over 48 per cent of global whisky liquor industry is transforming in response to consumer trends and policy shifts. Premiumization and innovation are driving growth, with consumers willing to pay more for craft breweries, premium whiskies and flavored spirits. Companies are adapting by launching unique offerings tailored to local tastes. Meanwhile, although e-commerce restrictions remain in place, some states are exploring online liquor delivery, which could unlock new growth opportunities. Policy reforms are also gaining momentum, with increasing pressure on state governments to streamline tax structures and modernize the industry. Progressive moves by states like reduced state duties by 10-15 per cent across various alcoholic beverage segments in Karnataka suggest a shift towards a more business-friendly the FTA with the UK, which includes deep cuts in import duties on several spirits, and a possible trade deal with the US can make make imported liquor more affordable in India which may challenge local liquor brands in the premium and luxury space, Imperial Blue whisky brand may not be impacted much as it straddles the space between mass and premium.
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Business Standard
2 days ago
- Business
- Business Standard
Tilaknagar tops $600 mn race for Imperial Blue, to expand whisky portfolio
Tilaknagar Industries, known for its Mansion House and Courrier Napoleon brandies, is emerging as the front-runner to buy the popular Imperial Blue whisky from French alcohol giant Pernod Ricard, according to a report by The Economic Times. The Imperial Blue brand is estimated to be worth up to $600 million. If the deal goes through, it will be the largest acquisition in India's liquor sector in over a decade — after Diageo's $1.9 billion buyout of United Spirits in 2013, the news report said. Inbrew Beverages, founded by London-based entrepreneur Ravi Deol, is also interested in acquiring Imperial Blue. However, Pernod Ricard found Tilaknagar's offer more attractive, though Inbrew has not been completely ruled out, The Economic Times mentioned. Tilaknagar, India's fifth-largest alcohol company by market value, has been asked to submit a binding bid by June 23. Funding the deal If the deal goes through, it will be funded through a mix of internal resources, bank loans, and private equity investment. Japan's Suntory Holdings, which owns brands like Jim Beam and Maker's Mark, initially considered bidding for Imperial Blue but later decided not to move forward. For Tilaknagar, led by chairman Amit Dahanukar, buying Imperial Blue would be a big step in diversifying its portfolio. While the company entered the whisky segment in 2012 using its flagship Mansion House brand, over 90 per cent of its sales still come from brandy. During its earnings call on May 21, Dahanukar said the company plans to grow its presence in brandy and other Indian-made foreign liquor segments through its own brands and strategic acquisitions. Tilaknagar has previously acquired Round The Cocktails, Spaceman Spirits, and Incredible Spirits. Imperial Blue's journey Imperial Blue 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. The following year, Imperial Blue was relaunched with the memorable slogan, 'Men will be men', which helped build a strong following. Today, Imperial Blue is the world's eighth best-selling whisky, selling 22.8 million nine-litre cases in 2023, according to Drinks International's Millionaires' Club. However, this is down from its 2019 sales of 26.3 million cases, the news report said. This potential sale echoes Diageo's decision in 2022 to sell 32 low-margin Indian brands — including Haywards, Old Tavern, White Mischief, Honey Bee, Green Label, and Romanov — for ₹820 crore to Inbrew. Deol, who started Barista Coffee in 1999 and earned a reputation as India's 'coffee man', aims to make Inbrew a leading player in the alcohol industry by acquiring Imperial Blue.
Time of India
2 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.
Newsweek
04-05-2025
- Automotive
- Newsweek
Cadillac Teases F1 Livery and Race Suits ahead of Miami Grand Prix
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Cadillac has teased its Formula 1 livery as it approaches its highly anticipated debut on the F1 grid in 2026. The reveal took place at a star-studded event during the 2025 Miami Grand Prix, and while there seemed to be nothing to come from the event, fans were finally treated to something. A New Era for Cadillac in Formula 1 The Miami Grand Prix is the perfect backdrop for Cadillac's global F1 entry celebration party. The team's new identity, livery, and vision were teased to an audience of motorsport insiders, celebrities, and fans, with the event presented by Terry Crews. Cadillac's journey to Formula 1 has been a long one. Originally launched as a partnership between Andretti Global and General Motors, it became a challenge to secure approval from both the FIA and Formula One Management. The team, now racing under the Cadillac name, will use Ferrari power units when it enters the sport. The Cadillac F1 car was teased by the new Formula 1 team ahead of its 2026 grid entry. The Cadillac F1 car was teased by the new Formula 1 team ahead of its 2026 grid entry. Cadillac "We're thrilled the Cadillac Formula 1 Team is official, as the team has been accelerating its work," said GM President Mark Reuss at the time. "We're incredibly grateful for the support from the FIA and Formula One Management leadership for us and for our collaboration with TWG. The excitement only grows as we get closer to showcasing GM's engineering expertise on the prestigious global stage of F1." The Big Reveal From the teaser, we can guess that Cadillac will race under the international racing colors of America: Imperial Blue and White. With a sneak peek of the racing suits and a very quick flash of a livery, this only makes us more excited for next year. What's Next for Cadillac F1 Cadillac will now continue with the immense challenge of building a competitive team for the 2026 season. "In the shop, there's a clock coming down," said TWG Motorsport CEO Dan Towriss via The Race. "So everybody knows every day that time is not on our side. And so the intensity continues to pick up from that standpoint. "We had a windtunnel model, but it didn't have the Pirelli tyres, it had a modelled version of them. "And so just some of those little differences, and not being able to correlate that to the track, and just the data that that a new team wouldn't have relative to an existing team. "All those are going to be challenges which we think we can overcome, but certainly we're up against that."
Time of India
02-05-2025
- Time of India
Two arrested for mixing country liquor in foreign booze in Noida
Noida: Two men were arrested in a raid conducted by a joint team of the Excise Department, Gautam Buddha Nagar , and Badalpur police. The accused were mixing country liquor in foreign liquor bottles and selling them illegally. According to Subodh Kumar, district excise officer, the raid took place in Sadhopur village in Dadri, following a tip-off. "The accused are identified as Atul Singh from Jodhpur and Nitin Kumar from Etah. They were caught on the first floor of a residential building in Sadhopur while filling country liquor from tetra packs into bottles of foreign liquor brands," Kumar told TOI. You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida "The seized items included five Imperial Blue half bottles, four Royal Stag half bottles, one White and Blue half, one After Dark half, two 8 PM Whiskey half bottles, six full Imperial Blue bottles, and one All Seasons bottle. Eighteen empty tetra packs of country liquor and several branded empty bottles were also recovered from the spot," said the officer. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Co-Founder of Google Brain, Andrew Ng, Is Reported To Have Read Every... Blinkist: Andrew Ng's Reading List Undo "The two worked at newly licensed liquor shops in Achheja village and Sadopur village. They started the illegal sales around two weeks back," said the officer. A case was registered under Section 60 (penalty for unlawful import, export, transport, manufacture, possession, sale of liquor) of the Excise Act and BNS sections 319(2) and 318(4) (related to cheating). "Show cause notices have been issued to the licensees of the composite shops at Sadhopur and Achheja due to their alleged involvement. The shops have been suspended, and further legal action is being taken," added the DEO.
