(PTI) Indian-made foreign liquor manufacturer Tilaknagar Industries Ltd on Monday said it will acquire 19.50 per cent equity stake in Pune-based startup Incredible Spirits for ₹1 crore.
The acquisition will offer the company an opportunity to participate in the fast-growing alcoholic ready-to-drink (RTD) market, Tilaknagar Industries Ltd (TIL) said in a statement.
Incredible Spirits Pvt Ltd (ISPL) was founded in 2020 by former alco-bev industry professionals Arun Raina and Pranav Teredesai. It sells alcoholic RTD products under the brand name SWIGGER.
"Modern-day consumers are looking for a premium, convenient and an enjoyable drinking experience which is providing a fillip to liquor-based RTD beverages," TIL Chairman and MD Amit Dahanukar said.
The company said the equity investment is being made from its internal resources immediately on signing of definitive agreements.
Alcoholic beverages and hospitality industry veteran, Manpreet Uppal is also making an investment of ₹1 crore in ISPL on the same terms as TIL, which is known for its premium brandy brand Mansion House.