Tilaknagar Industries Ltd. (BSE:507205), 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 SA (ENXTPA:RI), 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 Private Limited, 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. ?We regret we are unable to comment on the subject,?
Dahanukar said in response to ET's query on the proposed deal. 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.
