M&A

M&A

Diageo India to acquire 22.5% stake in gin maker Nao Spirits for Rs.31.5 Cr

BSE Release   Business Line  

Bengaluru-based, publicly listed Diageo India is to invest INR 31.5 crore to acquire a 22.5 stake in New Delhi-based Nao Spirits & Beverages Pvt Ltd. It also has a call option to acquire the remaining shares on pre-agreed principles. Nao Spirits was launched in 2016 by Anand Virmani, with the aim to bring an Indian botanical-infused gin to the world, with brands like Greater Than and Hapusa. The deal allows Diageo India to strengthen its participation in the fast growing premium gin segment in India. The turnover and net worth of Nao Spirits for FY21 were INR 14.07 crore and INR 21.31 crore, respectively.