Tahmar Enterprises Limited received two unsolicited expressions of interest for the acquisition of its grain-based distillery undertaking in Kolhapur. The company’s board also approved entry into the manufacture of Indian Made Foreign Liquor (IMFL) and Maharashtra Made Liquor.

The meeting, held on September 21, 2026, addressed proposals for the sale of the distillery assets and certain immovable properties. The board resolved to consider the acquisition proposals only after receiving valuation reports from registered valuers.

Distillery Acquisition Proposals

The board took on record two expressions of interest received on September 8, 2026, for the acquisition of the distillery undertaking located at Village Bhadgaon, Taluka Gadhinglaj, District Kolhapur. The proposals are non-binding and subject to valuation.

The identity of the interested parties, proposed structures, and commercial terms have not been disclosed to avoid prejudicing the company’s interests. The board authorized Director C. R. Rajesh Nair to engage with the parties, negotiate indicative commercial terms, and obtain necessary clarifications.

Any definitive agreement requires prior board approval and member approval via special resolution under section 180(1)(a) of the Companies Act, 2013. The transaction is also subject to approvals from the company’s secured lender and State Excise authorities.

Related Party Transaction

Separately, the board recorded an expression of interest from Seebhal Distillery Private Limited, a related party, for the purchase of three immovable properties not part of the distillery undertaking. These include:

• Land at Village Shendri, Taluka Gadhinglaj, District Kolhapur
• Office premises at Patto Plaza, Panjim, Goa
• Leasehold industrial plot at Corlim Industrial Estate, Goa

The proposal has been referred to the Audit Committee for consideration and recommendation. Any transaction will require Audit Committee approval and, if material, member approval under Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and section 188 of the Companies Act, 2013.

Valuation Process

The board resolved to determine the fair value of both the distillery undertaking and the three immovable properties. Registered valuers will be appointed by the Audit Committee under section 247 of the Companies Act, 2013.

Director C. R. Rajesh Nair was authorized to propose valuers for the distillery undertaking and settle engagement terms. For the immovable properties, the Audit Committee will directly identify and instruct the valuer, with no interested director participating in the appointment.

Interested parties will be invited to place an interest-free earnest money deposit as a condition for continued consideration. The deposit will be refunded if a party is not selected or if the company does not proceed with any transaction.

New Business Lines

The board approved the company’s entry into the manufacture of IMFL from grain-based spirit produced at its Kolhapur distillery. This activity will be carried out under the Potable Liquor Licence in Form PLL sanctioned by the Home Department, Government of Maharashtra.

Additionally, the company will manufacture Maharashtra Made Liquor, a sub-category of foreign liquor under Rule 3(6) of the Bombay Foreign Liquor Rules, 1963. No separate licence is required for this category.

The company also approved pursuing a licence in Form CL-1 for the manufacture of country liquor from grain-based spirit. This aims to utilize the licensed capacity across country liquor, IMFL, and Maharashtra Made Liquor.

Regulatory Context

The conditions prescribed for manufacturing Maharashtra Made Liquor are subject to Writ Petition No. 15506 of 2025 pending before the Bombay High Court. Tahmar Enterprises is an intervener in the proceedings. The company currently meets the prescribed conditions.

The Consent to Operate granted by the Maharashtra Pollution Control Board on January 5, 2026, permits the manufacture of IMFL, Maharashtra Made Liquor, and country liquor at the unit. No significant additional capital expenditure is envisaged beyond existing facilities.

Tahmar Enterprises has received permission from the Maharashtra Excise authority to manufacture Indian Made Foreign Liquor (IMFL) from grain-based spirit.

Regulatory approval details

The Maharashtra Excise permission marks a significant regulatory development for Tahmar Enterprises, enabling the company to proceed with IMFL manufacturing using grain-based spirit as the base ingredient.

IMFL refers to alcoholic beverages produced in India that are modelled on foreign liquor styles, and grain-based spirit serves as a key raw material in their production. The Maharashtra Excise department is the state-level authority responsible for regulating the manufacture, sale, and distribution of alcoholic beverages within Maharashtra.