Tilaknagar Industries Ltd (TI), a leading Indian-Made Foreign Liquor (IMFL) manufacturer, has invested an additional Rs 107 million in Spaceman Spirits Lab Pvt Ltd (SSL), the producer of premium craft spirits. Of this, Rs 91.5 million forms part of the previously announced Rs 131.5 million investment under a September 2024 agreement. The remaining Rs 15.1 million has been used to purchase shares from some early SSL shareholders.

Following this investment, TI’s shareholding in SSL has risen from 12.98 per cent to 21.36 per cent on a fully diluted basis. The agreement also grants TI the right to invest further capital or acquire additional shares at a pre-determined valuation, contingent upon SSL meeting agreed performance milestones.

Ameya Deshpande, President – Strategy and Corporate Development at Tilaknagar Industries, remarked that the continued investment highlights TI’s confidence in the premium craft spirits segment. He praised SSL’s portfolio—featuring Samsara Gin, Sitara Rum and Amara Vodka—as an example of innovation and craftsmanship, and expressed enthusiasm for supporting SSL in its next growth phase.

As part of the deal, TI is subscribing to 1,772 equity shares and 11,752 compulsorily convertible preference shares for Rs 91.5 million. It is also acquiring 2,236 equity shares from existing SSL shareholders for Rs 15.1 million.

Aditya Aggarwal, Founder and Managing Director of SSL, welcomed the expanded partnership, citing the strategic value of TI’s wide distribution network and industry experience. He stated that the collaboration would help extend SSL’s reach across India.

SSL is preparing to broaden its offerings with planned entries into whisky, heritage liqueurs and tequila. Aggarwal projected a strong FY26, with expected revenue growth of nearly 70 per cent and volume growth of around 60 per cent.

Beyond the equity investment, SSL and TI are also working together under a Usership Agreement signed in May 2025. Under this agreement, Tilaknagar Industries will utilise its distribution network to market and sell Samsara Gin, Sitara Rum and Amara Vodka in selected Indian states and overseas.