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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.