Private Equity

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Tilaknagar buys 19.5% stake in maker of ready-to-drink shots brand Swigger for Rs.1-Cr

BSE Announcement   Mint  

Publicly-listed Tilaknagar Industries Ltd, an Indian-made foreign liquor (IMFL) manufacturer has invested about INR 1 crore for a 19.5% stake in Pune-based startup Incredible Spirits Pvt Ltd (ISPL), makers of ready-to-drink product Swigger. Tilaknagar is co-investing with Manpreet Uppal, who will invest INR 1 crore for a similar stake. ISPL was launched in 2020 by alco-bev industry professionals Arun Raina and Pranav Teredesai. It has developed products in the ready-to-drink (RTD) alcoholic space under the brand name Swigger. The launch is expected to happen in 2023, initially in Goa.