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- Raises stake to 21 per cent with INR 10.66 crore infusion
Mumbai, August 06, 2025: Leading Indian-Made Foreign Liquor (IMFL) manufacturer, Tilaknagar Industries Limited (TI) (BSE: 507205 | NSE: TI), has made a follow-on investment of INR 10.66 crore in Spaceman Spirits Lab Private Limited (SSL), the maker of premium craft spirits. While INR 9.15 crore is part of the previously announced INR 13.15 crore investment envisaged under the September 2024 agreement between TI and SSL, the balance INR 1.51 crore is being invested to acquire shares from some of the early shareholders in SSL.
With this investment, TI’s stake in SSL will increase from 12.98 per cent to 21.36 per cent on a fully-diluted basis. The definitive agreements further provide TI with the option to invest additional capital or acquire further stake from other shareholders at a pre-determined valuation methodology, subject to SSL achieving certain pre-agreed milestones.
Mr. Ameya Deshpande, President - Strategy and Corporate Development, Tilaknagar Industries said, “Our continued investment in Spaceman Spirits Lab reflects our conviction in the enduring appeal of premium craft spirits in a rapidly evolving market. Their thoughtfully curated portfolio featuring Samsara Gin, Sitara Rum and Amara Vodka demonstrates innovation, quality and craftsmanship. We are excited to deepen our partnership as Spaceman enters a new phase of growth.”
According to TI, the company is subscribing to 1,772 equity shares and 11,752 Compulsorily Convertible Preference Shares for INR 9.15 crore. Further, TI is acquiring 2,236 equity shares from existing SSL shareholders for INR 1.51 crore.
Mr. Aditya Aggarwal, Founder and Managing Director, Spaceman Spirits Lab, said “We are thrilled to deepen our partnership with Tilaknagar Industries as we embark on a bold new chapter. With Tilaknagar’s extensive distribution network and industry leadership, we are excited to take our iconic brands to every corner of India.”
SSL is preparing to diversify its product portfolio with strategic forays into new categories including whisky, heritage liqueurs and tequila. “We are anticipating robust performance in the current fiscal, with projected revenue growth of nearly 70 per cent and volume growth of about 60 per cent in FY26”, Mr. Aggarwal added.
In addition to the portfolio expansion, SSL and TI will also benefit from the business operations under the Usership Agreement between SSL and TI. As per the agreement, Tilaknagar Industries will leverage its robust distribution network to sell Samsara Gin, Sitara Rum and Amara Vodka in certain states in India and abroad. Business under the Usership Agreement has been initiated in May 2025.
About Tilaknagar Industries:
Tilaknagar Industries (TI) is one of India’s leading alcoholic beverage companies, with a rich legacy spanning over 90 years. Founded in 1933 by Shri Mahadev L. Dahanukar as Maharashtra Sugar Mills, TI has, over the years, transformed in to a major player in the India Made Foreign Liquor (IMFL) industry having a manufacturing footprint of 19 units across 12 states. TI’s brand portfolio straddles multiple categories, featuring two ‘Millionaire’ brandy brands—Mansion House and Courrier Napoleon—along with a strong presence in whisky, rum, and gin through Mansion House Whisky, Madiraa Rum and Blue Lagoon Gin. Recently, TI has expanded into the luxury segment with Monarch Legacy Edition Brandy.