Tilaknagar Industries bets Rs 22 crore on Black Tiger Distilleries to tap India’s tequila boom

Tilaknagar Industries Ltd (TI) has entered India’s fast-growing tequila market with a Rs 22 crore strategic investment in Black Tiger Distilleries (BTD), the Indian spirits company behind Bodega Suprema No. 5.

Under the partnership, TI will invest Rs 22 crore for a 30 per cent shareholding in Black Tiger Distilleries on a fully diluted basis. The investment will be made in two tranches, with Rs 6 crore to be invested initially and the remaining Rs 16 crore on or before 12 months from the first tranche.

The deal marks TI’s third strategic investment in an emerging craft beverage business and its first foray into the agave category, specifically tequila. The company said the investment will support BTD’s ambition to make authentic 100 per cent Blue Weber Agave tequila more accessible to Indian consumers.

The move comes as tequila gains ground in India, supported by rising interest in premium spirits, cocktail culture and new drinking occasions. According to IWSR data cited by TI, India is the fastest-growing major tequila market globally, with volumes growing at around 60 per cent CAGR between 2020 and 2025 and rising approximately 34 per cent in the latest year. The market is forecast to grow at a 13 per cent CAGR through 2030.

Betting on accessible premium tequila

Black Tiger Distilleries was founded by Mohnish Mehta to address what the company sees as a gap in India’s tequila market, where consumers have traditionally had a choice between inexpensive mixto tequilas and 100 per cent agave products positioned at the luxury end.

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Its flagship, Bodega Suprema No. 5, is made from 100 per cent Blue Weber Agave, crafted and bottled at origin in Jalisco, Mexico. The brand is positioned at an accessible premium price of Rs 4,200-Rs 5,500 per 750 ml bottle in Maharashtra.

BTD has partnered with Productos Finos de Agave (PFA), a tequila manufacturer in Mexico, and Mansha Group of Companies, an Indian distributor of craft and premium spirits.

Sanaya Dahanukar, General Manager – Growth & Innovation at Tilaknagar Industries, said the tequila investment forms part of the company’s plans to build a broader luxury spirits portfolio.

“What excites us about Bodega Suprema No. 5 is the opportunity to enter a category we see as an emerging trend with significant long-term potential,” Dahanukar said.

She added that tequila would complement TI’s presence across whisky, brandy, gin, rum and vodka as the company builds its House of TI luxury portfolio.

Ameya Deshpande, Chief Strategy Officer at Tilaknagar Industries, said the company sees tequila as a category that remains at an early stage of development in India but has considerable growth potential.

“With Bodega Suprema No. 5 positioned at Rs 4,200–Rs 5,500, we see an opportunity to bring authentic 100 per cent agave tequila to a wider premium consumer base,” Deshpande said.

TI to bring distribution and brand-building muscle

Beyond the capital infusion, TI will provide strategic support to Black Tiger Distilleries across distribution, sales, marketing, supply chain, finance and regulatory functions.

The company plans to leverage its pan-India footprint and experience in building and scaling premium spirits brands to support the growth of Bodega Suprema No. 5 and the wider tequila category in India.

For Black Tiger Distilleries, the partnership brings a larger platform as it seeks to expand the brand beyond its initial markets.

Mohnish Mehta, Founder of Black Tiger Distilleries, said finding partners with category expertise and an understanding of the Indian spirits market was central to the company’s strategy.

“With Tilaknagar Industries’ support, we see an opportunity to make authentic 100% Blue Weber Agave tequila more accessible to Indian consumers at a compelling premium price point,” Mehta said.

Bodega Suprema No. 5 range

Bodega Suprema No. 5 currently has three expressions developed specifically for the Indian market over three years. The agave is sourced from the Highlands of Jalisco, where it matures at 7,152 feet above sea level.

The Bodega Blanco is priced at Rs 4,200 for a 750 ml bottle in Maharashtra. The Bodega Reposado, aged for at least two months in ex-Tennessee whisky American oak barrels, is priced at Rs 4,500. The Bodega Añejo, matured for at least 12 months in ex-Tennessee whiskey American oak barrels, is priced at Rs 5,500. All three expressions have an ABV of 38 per cent.

The investment gives TI a foothold in a premium spirits segment outside its traditional strongholds while giving Black Tiger Distilleries access to the distribution, sales and brand-building capabilities of an established Indian spirits company.