Active Stocks
Fri Apr 19 2024 15:56:00
  1. Tata Steel share price
  2. 162.10 1.31%
  1. Tata Motors share price
  2. 963.20 -0.84%
  1. NTPC share price
  2. 350.90 -0.14%
  1. ITC share price
  2. 424.80 1.40%
  1. Power Grid Corporation Of India share price
  2. 281.70 0.54%
Business News/ Companies / News/  Tilaknagar Industries buys 19.5% stake in maker of ready-to-drink shots Swigger
BackBack

Tilaknagar Industries buys 19.5% stake in maker of ready-to-drink shots Swigger

Tilaknagar Industries has invested about ₹1 crore in Pune-based start-up Incredible Spirits along with Manpreet Uppal, an industry veteran, who will invest ₹1 crore

Incredible Spirits Private Limited makes ready-to-drink product Swigger.Premium
Incredible Spirits Private Limited makes ready-to-drink product Swigger.

Tilaknagar Industries Limited, an Indian-made foreign liquor (IMFL) manufacturer has invested about 1 crore for a 19.5% stake in Pune-based start-up, Incredible Spirits Private Limited (ISPL), makers of ready-to-drink product Swigger.The equity investment for this deal will be made from its internal resources immediately. The company is co-investing with Manpreet Uppal, an industry veteran who has interests in alco-bev distribution and hospitality in Maharashtra. Uppal, too, will invest 1 crore in ISPL for the same terms as Tilaknagar Industries. The company sells Mansion House, a premium brandy.ISPL was launched in 2020 by alco-bev industry professionals Arun Raina and Pranav Teredesai. It has developed products in the ready-to-drink (RTD) alcoholic space under the brand name.The company said it makes shots of 60ml in glasses with a pull rip cap. The shots are being made using mother-spirits like gin and vodka, blended with flavours. The launch is expected to happen in 2023 initially in the Goa market with more regions to be added thereafter.Amit Dahanukar, chairman and managing director of Tilaknagar Industries said, “Modern-day consumers are looking for a premium, convenient and an enjoyable drinking experience which is providing a fillip to liquor-based RTD beverages. The founders of ISPL foresee a huge potential for this product category and we would like to play a part in bringing their innovative idea to fruition."This move will offer the company an opportunity to participate in the fast-growing RTD space which is burgeoning on the back of an evolving, highly favourable social and demographic milieu, he added. “Given the ever-increasing trend of a cocktail culture, there remains a constant need for creating exciting, yet safer ways to indulge," Dahanukar said.Ameya Deshpande, president, strategy and corporate development, for the firm said, “The brand will be a game-changer. We are extremely excited to partner with them to build this category. The product will provide a great avenue for people to have an enjoyable experience."According to the IWSR May 2022 report, the RTD market in India is a 3 million cases category in 2021, and is expected to grow at about 9% annually over the next five years, reaching 4.5 million cases in 2026.According to economic policy think tank Indian Council for Research on International Economic Relations, India is one of the fastest-growing alcoholic beverages markets globally, with an estimated market size of $52.5 billion in 2020. This market is expected to grow at a CAGR of 6.8% between 2020 and 2023.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Varuni Khosla
Varuni is an Assistant Editor at Mint. She writes engaging and informative stories on luxury brands, hospitality news, business of sports, business of advertising and marketing, gaming, tourism and travel, and the business of alcohol. She is skilled in communication, research, and analysis. Varuni is passionate about covering the latest trends and developments in the lifestyle and business sectors.
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 31 Oct 2022, 03:20 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App