Tilaknagar Industries announced a follow-on investment of Rs 13.15 crore, to be invested over a period of 18 months, in Spaceman Spirits Lab (SSL).
With this funding, Tilaknagar Industries' 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 Tilaknagar Industries 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, Tilaknagar Industries has also entered into a usership agreement with SSL. As per the agreement, Tilaknagar Industries 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 Tilaknagar Industries.