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Tilaknagar Industries Increases Stake in Samsara Gin Maker with Rs 13.15 Crore Follow-on Investment
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Friday, 13 September, 2024, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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Tilaknagar Industries Limited, a leading manufacturer of Indian-Made Foreign Liquor, announced a follow-on investment of Rs 13.15 crore, to be invested over a period of 18 months, in Spaceman Spirits Lab Private Limited. With this funding, the company’s stake in SSL, maker of premium Indian craft gin Samsara and craft rum Sitara, will increase from 10 per cent to 20 per cent on a fully diluted basis.
Further, upon SSL achieving certain pre-agreed milestones, the definitive agreements provide an option for the company to invest or acquire further shares held by other shareholders as per a pre-determined valuation methodology.
Maker of India’s highest selling brandy Mansion House, it has also entered into a usership agreement with SSL. As per the agreement, it will leverage its robust distribution network to sell Samsara Gin and Sitara Rum in certain states in India and abroad. This move will bolster sales of SSL’s premium craft spirits across markets in India and will contribute to additional business for the company.
Amit Dahanukar, chairman and managing director, Tilaknagar Industries, said, “The premium–end of alco-bev industry in India has been witnessing phenomenal growth over the past few years. While we are already the market leaders in brandy, we will look to cherry-pick every promising opportunity to broad-base our portfolio and boost revenue growth. We feel this investment will open new avenues for profitable participation in the crafts spirit’s segment.”
It will make the Rs 13.15 crore primary investment in tranches, over a period of 18 months post signing of definitive agreements. In addition, this alliance will give it the right to have a nominee director on the board of SSL.
Ameya Deshpande, president – Strategy and Corporate Development, Tilaknagar Industries, said, “This investment is in line with our shared vision of promoting brands which are made in India, for the world. This partnership contributes to Tilaknagar Industries’ efforts of building its own bouquet of disruptive luxury products that will enhance the market appeal of its premium offerings, including for the institutional segment.”
Engaged in creating and marketing craft alcobev brands, Spaceman Spirits Lab was incorporated in 2020 and is known for launching India’s first Pink Gin under brand Samsara. SSL has emerged as one of the fastest-growing craft spirits brands in India with presence across more than 10 states as well as in international markets such as UAE, Canada, UK, Bahrain, Nepal and Singapore.
Aditya Aggarwal, founder and managing director, Spaceman Spirits Lab Private Limited, said, “We are committed towards creating premium craft spirits and elevating Indian spirits on the global stage. This association would enable us to further expand our portfolio, increase our geographic reach in India and in international markets and boost our sales significantly.”
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