Indian-made foreign liquor maker Tilaknagar Industries Ltd said it would buy a 19.50% stake in Pune-based startup Incredible Spirits for Rs 1 crore on Monday.

Tilaknagar Industries Ltd (TIL) said in a statement that the acquisition would allow the company to participate in the rapidly growing alcohol ready-to-drink (RTD) market.

Incredible Spirits Pvt Ltd (ISPL) was founded in 2020 by former alco-bev industry professionals Arun Raina and Pranav Teredesai. It sells alcohol RTD products under the SWIGGER brand.

The company said the equity investment would be made using its internal resources immediately after signing the definitive agreement.

Alcohol beverage and hospitality industry veteran Manpreet Uppal has also invested Rs 1 crore in ISPL on the same terms as TIL, known for its premium brandy brand Mansion House.