Tilaknagar Industries Acquires 30% Stake in Black Tiger Distilleries for ₹22 Crore to Enter Tequila Market

Mumbai-based Indian Made Foreign Liquor (IMFL) major Tilaknagar Industries Ltd. has announced a strategic investment of ₹22 crore in Black Tiger Distilleries (BTD) to acquire a 30 per cent fully diluted stake in the company. This development marks Tilaknagar Industries' formal entry into the tequila category and represents its third investment in an emerging craft beverage enterprise.

The investment will be executed in two tranches. An upfront payment of ₹6 crore will be made initially, followed by the remaining ₹16 crore within a 12-month period. Alongside capital infusion, Tilaknagar Industries plans to leverage its pan-India network to provide BTD with extensive support across distribution, sales, marketing, supply chain, finance, and regulatory operations.

Black Tiger Distilleries is the company behind Bodega Suprema No. 5, a range of 100 per cent Blue Weber Agave tequilas crafted and bottled in Jalisco, Mexico. Founded by Mohnish Mehta in partnership with Mexican tequila producer Productos Finos de Agave and the Mansha Group of Companies, BTD's portfolio currently features three expressions—Blanco, Reposado, and Añejo. In Maharashtra, these bottles are priced between ₹4,200 and ₹5,500 per 750ml bottle.

This transaction follows Tilaknagar's earlier investments in craft beverage companies Bartisans and Spaceman Spirits Lab. According to the company, the strategic rationale behind the acquisition is the rapid growth of India's tequila market. Data from IWSR indicates that Indian tequila volumes expanded at a compound annual growth rate (CAGR) of roughly 60 per cent between 2020 and 2025, with an expected CAGR of 13 per cent through 2030.

Founded in 1933, Tilaknagar Industries is historically known for established brandy brands such as Mansion House and Courrier Napoleon, alongside whisky brands like Imperial Blue. The company's recent strategic moves align with its ongoing premiumisation focus. On the stock market, Tilaknagar's shares were trading at ₹541.60 on the NSE following the announcement, down 0.75 per cent from a 52-week high of ₹594.55 reached the previous week. The stock has registered a year-to-date return of approximately 19 per cent and over 151 per cent over a three-year period.

"Tilaknagar Industries' strategic acquisition of a 30 percent stake in Black Tiger Distilleries highlights a clear industry trend toward portfolio diversification and premiumisation. By investing in a high-growth segment like tequila, which has shown significant volume growth over recent years, established legacy players are positioning themselves to capture changing consumer preferences in the Indian market. Beyond capital, leveraging an existing pan-India distribution network can significantly accelerate market penetration for emerging craft beverage brands." — Dr. Shishir Gupta, Founder & CEO, StartupLanes