India’s Tilaknagar Industries is reportedly looking to raise US$500m to fund its purchase of Indian whisky brand Imperial Blue from Pernod Ricard.
A recent article from India’s The Economic Times has claimed that the Mumbai-based distiller has mandated Kotak Mahindra Bank and Avendus Capital to arrange the financing. Citing unnamed sources, the report added that Tilaknagar is looking to fund a major part of the bid through debt and the remaining via equity.
A Pernod Ricard spokesperson declined to comment on the report when contacted by Global Drinks Intel.
In September last year, multiple reports in India wrote that Pernod Ricard was considering offloading Imperial Blue, which is a blend of Indian grain spirits and imported Scotch malts that launched in India in 1997.
Since then, the group has completed the divestment of almost all of its wine assets, resulting in the creation of the Vinarchy entity.
Last week, Pernod Ricard confirmed the commencement of an “internal project” that centres around bringing back-office operations together into two silos.
