In a strategic move to deepen its presence in India’s premium craft spirits market, Diageo India, through its subsidiary United Spirits Ltd (USL), has announced the full acquisition of Nao Spirits & Beverages, the homegrown maker of award-winning gin brands Greater Than and Hapusa, in a deal valued at ₹110 crore.
🥃 Deal Structure and Timeline
- USL, which already held a 30% stake, will acquire the remaining equity in two tranches:
- ₹53.8 crore for 37,683 equity shares from existing shareholders
- ₹56 crore for new equity and preference shares
- Post first tranche (by June 27, 2025), USL’s stake will rise to 97.07%, making Nao Spirits a subsidiary
- The final 3% will be acquired by June 2026, completing the 100% buyout
📈 Strategic Expansion in Craft Spirits
Founded in 2017 by Anand Virmani, Nao Spirits has emerged as a pioneer in India’s craft gin segment. The company recently expanded into premium spiced rum with the launch of Pipa.
- FY24 Gross Turnover: ₹77.7 crore
- Net Sales: ₹34.8 crore
- 98% of revenue generated from India
Diageo India has also approved an additional ₹20 crore investment to support Nao Spirits’ working capital and growth initiatives.
“With the acquisition of Nao Spirits, we’re unlocking new avenues for growth in Indian craft spirits,” said Praveen Someshwar, MD & CEO, Diageo India.
🌍 Scaling with Global Synergies
Nao’s brands will now be scaled alongside Diageo’s global gin portfolio, which includes Tanqueray and Gordon’s. Founder Anand Virmani will continue to lead the business under Diageo’s ownership, ensuring continuity and brand authenticity.
Stay tuned for updates on Diageo’s premium portfolio expansion in India.
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