Diageo India to acquire minority stake in gin-maker Nao Spirits for Rs 31.5 cr

PTI | New Delhi | Updated: 12-03-2022 22:24 IST | Created: 12-03-2022 22:06 IST
Diageo India to acquire minority stake in gin-maker Nao Spirits for Rs 31.5 cr
Image Credit: Wikipedia
  • Country:
  • India

Diageo-controlled United Spirits Ltd (USL) on Saturday said it will acquire a minorirty 22.5 per cent stake in Nao Spirits for Rs 31.5 crore.

Diageo India will also have a call option to acquire the remaining shares on ''pre-agreed principles'' in Nao Spirits & Beverages Private Ltd, a joint statement said.

Launched in 2016 by Anand Virmani, Nao Spirits is an emerging craft gin company in India, with brands 'Greater Than' and 'Hapusa'.

''Nao Spirits provides Diageo India with an opportunity to strengthen its participation in the fast-growing premium gin segment in India,'' it said.

Diageo India MD and CEO Hina Nagarajan said, ''As a company built from founder-led brands, we are excited to make our first move in India to support bold and path-breaking entrepreneurs. Over the last three years, the Indian market has witnessed the emergence of multiple craft gin players and Nao Spirits has been a game changer in the category.'' While Nao Spirits & Beverages Co-Founder CEO Virmani said, ''As we look to chart the next phase of growth of Nao Spirits, the investment from Diageo India will help scale our business, improve efficiencies, and access mentorship from an industry leader, which will be immensely valuable.” The investment will be funded through Diageo India’s internal cash resources, it added.

Diageo India is the subsidiary of global beverage alcohol company Diageo PLC, which owns premium brands including Johnnie Walker, Black Dog, Black & White, VAT 69, Antiquity, Signature, Royal Challenge, McDowell’s No1, Smirnoff and Captain Morgan.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback