Cyril Amarchand Mangaldas and international law firm Cleary Gottlieb Steen Hamilton, have advised liquor giant Pernod Ricard India’s on its strategic divestment of its Imperial Blue whisky business to Tilaknagar Industries Limited for INR 4,150 crore (~$480 million), marking India’s largest alcohol sector acquisition in over a decade since Diageo’s $1.9 billion United Spirits buyout in 2013. Tilaknagar Industries was guided by Crawford Bayley & Co.
The transaction aligns with the premiumisation of the liquor industry happening very fast, helped by trends such as growth in disposable income and young generation’s aspirations to have a more elevated experience. India’s alcohol market is experiencing robust growth, with sales growing at a CAGR of 6.8 percent during 2020-2024, predicted to continue at a CAGR of 7.2 percent during 2025-2035.
With over 90 percent of its sales stemming from brandy, Tilaknagar seeks to diversify into whisky — a category dominating India’s liquor market.
CAM’s transaction team was led by senior partner Akila Agrawal, alongside partners Mukul Sharma and Neham Tayal, supported by principal associate Rudraksh Durrani and associates Nishant Tiwari, Diya Narag, Devarshi Mohan, and Avni Srivastava.
Partner and IP head Swati Sharma, with partner Revanta Mathur, handled intellectual property aspects with support from principal associate-designate Sannat Chandna and associate Akshit Singla. Partners Pranav Sharma and Meeta Kurpad advised on financing with associate Manasvin Andra, while partner Vijay Chauhan led competition law matters supported by senior associate Rajat Sharma and associate Kartik Agrawal. Partner Ashish Jain handled real estate aspects with principal associate Siddharth Iyer, and partner Bishen Jeswant managed employment law with principal associate Akash Mishra and associate Rachita Shah.
