Controversies cloud this infra giant's ascent
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Time of India
7 hours ago
- Time of India
Tilaknagar Industries acquires Imperial Blue from Pernod Ricard
Tilaknagar Industries has signed an agreement to acquire the Imperial Blue whisky brand in India from France's Pernod Ricard for about Rs4150 crore in an all-cash deal, entering the whiskey segment which accounts for about two-thirds of India's spirits market. Tilaknagar, which sells Mansion House brandy, said the deal includes Rs282 crore which will be paid in four years after completion of the transaction. It also said it will raise upto Rs6500 crore, including upto Rs2,500 crores in equity or equity linked securities and the remaining in debt securities in one or more tranches. Explore courses from Top Institutes in Please select course: Select a Course Category Cybersecurity Degree Design Thinking Product Management healthcare Data Science others CXO Healthcare Others PGDM Data Science Data Analytics Digital Marketing Technology Public Policy Artificial Intelligence Management Operations Management Finance MBA MCA Leadership Project Management Skills you'll gain: Duration: 10 Months MIT xPRO CERT-MIT xPRO PGC in Cybersecurity Starts on undefined Get Details Pernod said the transaction to part with India's third biggest whiskey brand is due to its continuous assessment of its strategic opportunities, and the sale will enable the business to fully tap into premiumization trends and support sustained, profitable growth. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Morocco: Unsold Sofas Prices May Surprise You (Prices May Surprise You) Sofas | Search Ads Search Now Undo 'By exiting the admix value segment, this disposal will allow Pernod Ricard India to unlock further profitable growth and sharpen its focus on premiumization and innovation. It will also enable the company to allocate resources more effectively toward high-growth brands," said Jean Touboul, CEO of Pernod Ricard India. The proposed sale by the world's second biggest distiller is part of a broader global restructuring exercise initiated by Pernod Ricard—owner of best-selling brands like Absolut vodka and Jameson whisky—since last year. This includes a portfolio reshuffle, job cuts, and splitting its global brands into two blocks. Imperial Blue's sales have lagged in recent years as many Indian consumers moved to upgrade to premium brands over mass or prestige offerings. Live Events "With the acquisition, the company will become one of the leading players in brandy and whiskey, the two largest IMFL categories. Imperial Blue shall serve as a base for the company's premium portfolio strategy. This acquisition would also strengthen the distribution network of the company," said Tilaknagar in a statement. Imperial Blue operates in the 78-million-case per year deluxe whisky category, a bridge between the mass and premium segments. It sold 22.2 million cases in 2024, a meagre 0.5% from the year before with revenues of Rs3067 crore. A blend of Indian grain spirits and imported Scotch malts, the brand was launched in India in 1997 by Seagram, which was acquired by Pernod in 2002. With a market share of 8.6%, Imperial Blue trails McDowell's and Royal Stag in 2024, as per latest IWSR report. For Pernod, it accounts for one-third of its total whisky sales by volume globally even though sales have been declining steadily over the past few years, falling 4% between 2019 and 2024. With annual sales of 260 million cases in 2024, India is the largest whisky market in the world by volume. "This transaction represents a win-win for all stakeholders involved, both at the global and local level. It fuels our ambition to succeed even further in one of our top markets. This will further streamline our operations as we continue to invest in India's outstanding growth," said Alexandre Ricard, Chairman and CEO of Pernod Ricard. The company's Indian business also outpaced that of China to be the parent's second-largest market globally after the US. Founded in 1933 as Maharashtra Sugar Mills, Amit Dahanukar-led Tilaknagar is among India's ten largest distillers. Earlier this week, the company was named in a chargesheet filed by the Andhra Pradesh police in an ongoing inquiry into alleged malpractices and kickbacks of estimated Rs 218 crore.
Time of India
8 hours ago
- Time of India
A 60 day grace period to remain in US after a layoff is no longer sacrosanct for H-1B workers
Several laid-off H-1B workers are receiving notices to appear (NTAs)– the first step in the deportation proceedings, even while the 60-day grace period of authorised stay has not expired. Sameer Khedekar, immigration attorney and founder of Vanguard Visa Law explained, 'Upon lay-off a 60-day grace period is available to an H-1B visa holder who either transfers the H-1B status to a new employer or applies to change his/her visa status (say to a dependent visa) before the grace period ends. However, increasingly the Department of Homeland Security is sending NTAs in immigration courts. This is happening even when the laid-off H-1B worker has a change of status application pending. ' The notice points out to the date of withdrawal of the H-1B visa by the erstwhile employer and states that the individual has stayed in the US for longer than is permitted, he explains. Rajiv S. Khanna, managing attorney at points out that a policy memo issued on Feb 28, states that NTAs should generally be sent "upon issuance of an unfavourable decision on a benefit request" where the individual is not lawfully present. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like These Are The Most Beautiful Women In The World Undo However, recent cases demonstrate USCIS improperly issuing NTAs to individuals who remain in 'authorized periods of stay' (such as during the 60-day grace period for H-1B visa holders) including those with pending change of status applications. To illustrate: An H-1B worker, who timely filed an I-539 application to change status to B-2 visitor within their 60-day grace period, received an NTA before a decision was made on the I-539. 'This contradicts guidance issued by the US Citizenship and Immigration Services (USCIS). In other words, if you have a properly filed, non-frivolous application pending, you should be considered in 'authorized stay' for unlawful presence purposes. Despite this, we are seeing a significant volume of NTAs," states Khanna. According to USCIS's recent release their screening and vetting efforts have led to approximately 1,840 NTAs a week since Feb 2025. Many of these appear to be issued in circumstances that raise serious questions about adherence to stated policy, adds Khanna. USCIS under the Biden administration had issued guidelines for laid-off workers, which included changing status during the 60-day grace period. It had pointed out that status can be changed to that of a dependent if the spouse holds an H-1B or L-I visa. Other possible non-immigrant options include change of status to that of a student visa holder (F-1) or obtaining visitor status (B-1 or B-2 visas). This guidance has been achieved and no fresh guidance has been issued. When an NTA is filed with the immigration court, removal proceedings commence and unlawful presence is triggered which has serious consequences. For now, in addition to the loss of a job, laid off H-1B workers have the looming threat of deportation proceedings.
Time of India
8 hours ago
- Time of India
Tilaknagar acquire Imperial Blue from Pernod Ricard
Tilaknagar Industries has signed an agreement to acquire the Imperial Blue whisky brand in India from France's Pernod Ricard for about Rs4150 crore in an all-cash deal, entering the whiskey segment which accounts for about two-thirds of India's spirits market. Tilaknagar, which sells Mansion House brandy, said the deal includes Rs282 crore which will be paid in four years after completion of the transaction. It also said it will raise upto Rs6500 crore, including upto Rs2,500 crores in equity or equity linked securities and the remaining in debt securities in one or more tranches. Explore courses from Top Institutes in Please select course: Select a Course Category PGDM Public Policy others Healthcare Data Science MBA Degree Operations Management Cybersecurity Digital Marketing Management Others Data Science Technology Project Management MCA CXO Product Management Leadership Design Thinking healthcare Data Analytics Finance Artificial Intelligence Skills you'll gain: Financial Analysis & Decision Making Quantitative & Analytical Skills Organizational Management & Leadership Innovation & Entrepreneurship Duration: 24 Months IMI Delhi Post Graduate Diploma in Management (Online) Starts on Sep 1, 2024 Get Details Pernod said the transaction to part with India's third biggest whiskey brand is due to its continuous assessment of its strategic opportunities, and the sale will enable the business to fully tap into premiumization trends and support sustained, profitable growth. 'By exiting the admix value segment, this disposal will allow Pernod Ricard India to unlock further profitable growth and sharpen its focus on premiumization and innovation. It will also enable the company to allocate resources more effectively toward high-growth brands," said Jean Touboul, CEO of Pernod Ricard India. The proposed sale by the world's second biggest distiller is part of a broader global restructuring exercise initiated by Pernod Ricard—owner of best-selling brands like Absolut vodka and Jameson whisky—since last year. This includes a portfolio reshuffle, job cuts, and splitting its global brands into two blocks. Imperial Blue's sales have lagged in recent years as many Indian consumers moved to upgrade to premium brands over mass or prestige offerings. "With the acquisition, the company will become one of the leading players in brandy and whiskey, the two largest IMFL categories. Imperial Blue shall serve as a base for the company's premium portfolio strategy. This acquisition would also strengthen the distribution network of the company," said Tilaknagar in a statement. Imperial Blue operates in the 78-million-case per year deluxe whisky category, a bridge between the mass and premium segments. It sold 22.2 million cases in 2024, a meagre 0.5% from the year before with revenues of Rs3067 crore. A blend of Indian grain spirits and imported Scotch malts, the brand was launched in India in 1997 by Seagram, which was acquired by Pernod in 2002. With a market share of 8.6%, Imperial Blue trails McDowell's and Royal Stag in 2024, as per latest IWSR report. For Pernod, it accounts for one-third of its total whisky sales by volume globally even though sales have been declining steadily over the past few years, falling 4% between 2019 and 2024. With annual sales of 260 million cases in 2024, India is the largest whisky market in the world by volume. "This transaction represents a win-win for all stakeholders involved, both at the global and local level. It fuels our ambition to succeed even further in one of our top markets. This will further streamline our operations as we continue to invest in India's outstanding growth," said Alexandre Ricard, Chairman and CEO of Pernod Ricard. The company's Indian business also outpaced that of China to be the parent's second-largest market globally after the US. Founded in 1933 as Maharashtra Sugar Mills, Amit Dahanukar-led Tilaknagar is among India's ten largest distillers. Earlier this week, the company was named in a chargesheet filed by the Andhra Pradesh police in an ongoing inquiry into alleged malpractices and kickbacks of estimated Rs 218 crore.
