Tilaknagar Industries (TI), an India-based spirit maker, is in talks with global players like Suntory and Pernod Ricard to off-load 15-20% stake in the company for INR6bn ($98.8m).
Chairman and managing director Amit Dahanukar and family, along with promoters, currently owns a 56% stake in the company.
Tilaknagar Industries currently has a debt of INR6bn ($98.8m) and plans to use the amount raised through the deal to de-leverage its balance sheet.
American spirits giant Beam Global and some private equity investors are also said to be interested in the stake and in talks with the company.
Ambit Corporate Finance is advising Tilaknagar Industries in the fund-raising process.
The maker of Mansion House brandy also plans to acquire distilleries and regional brands to expand its local footprint.
The company manufactures, markets and sells over 40 brands in the country. The company has also recently entered into an agreement with Pernod Ricard India (PRI) to produce PRI's products at its bottling facilities in Maharashtra and Andhra Pradesh states of India.
