Tilaknagar Industries Ltd. (TI), an Indian-made foreign liquor (IMFL) manufacturer, has entered the country’s fast-growing tequila market through a strategic investment in Black Tiger Distilleries (BTD).
TI will invest a total of ₹22 crore in BTD for a 30% shareholding on a fully diluted basis. The investment will be made in two tranches, with ₹6 crore in the first tranche and ₹16 crore within 12 months of the first investment.
Targeting India’s growing tequila market
According to IWSR, India is the fastest-growing major tequila market globally. Tequila volumes in the country grew at about 60% CAGR between 2020 and 2025 and rose about 34% in the latest year.
The market is forecast to grow at a 13% CAGR through 2030, supported by rising interest in premium spirits, cocktail culture and new drinking occasions.
Bodega Suprema targets premium segment
BTD is the Indian spirits company behind Bodega Suprema No. 5. Its flagship offering is a 100% agave tequila positioned at ₹4,200–₹5,500 a bottle.
The company is seeking to address a gap between inexpensive tequila-mix products and genuine 100% Blue Weber Agave tequila offerings that are largely positioned at the luxury end of the market.
Partnership brings Mexico expertise
BTD was founded by Mohnish Mehta and is supported by Productos Finos de Agave (PFA), a tequila manufacturing company in Mexico, and Mansha Group of Companies, an Indian distributor of craft and premium alcohol beverages.
The partnership is aimed at building and expanding the tequila category in India, with a focus on authentic products across price points and styles.
Three tequila variants in Maharashtra
Bodega Suprema’s portfolio includes Blanco, Reposado and Añejo variants. In Maharashtra, the 750 ml Bodega Blanco is priced at ₹4,200, Bodega Reposado at ₹4,500 and Bodega Añejo at ₹5,500.
The investment gives TI an entry into a category benefiting from premiumisation and changing consumer preferences, while BTD gains a strategic partner to support the growth of its tequila portfolio in India.