Indian-made foreign liquor (IMFL) producer Tilaknagar Industries has acquired a 19.5% stake in ready-to-drink (RTD) shot maker Incredible Spirits.
Tilaknagar Industries invested Rs 1 crore (US$120,805) in return for the 19.5% share.
Incredible Spirits was founded in 2020 by former alcoholic beverage professionals Arun Raina and Pranav Teredesai.
Incredible Spirits plans to develop RTD alcohol shots under the brand name ‘Swigger’.
The shots will come in 60ml glasses with a pull rip-cap closure. The shots will be made from gin and vodka, which will be blended with ‘natural, organic flavours’.
Swigger is expected to launch in early 2023 in Goa, India, with additional regions to follow.
Amit Dahanukar, chairman and managing director, 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, Arun and Pranav, foresee a huge potential for this product category and we would like to play a part in bringing their innovative idea to fruition.
“Given the ever-increasing trend of a cocktail culture, there remains a constant need for creating exciting, yet safer ways to indulge.”
According to data from IWSR Drinks Market Analysis, cited by Tilaknagar Industries, the RTD market in India sold three million cases in 2021. It is expected to grow by more than 9% annually to reach 4.5m cases in 2026.
Ameya Deshpande, president – strategy and corporate development, Tilaknagar Industries, added: “Evolving consumer demands in the alco-bev industry are paving the way for new, innovative and fun products.
“Brand Swigger, with an unremitting focus on blend quality, inclusion, safety and convenience, will be a game-changer.”
In other recent acquisition news, Campari Group bought a 70% stake in Kentucky-based Wilderness Trail Distillery for an undisclosed amount.
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Author: Melita Kiely