Latest news with #NAOSpirits
Entrepreneur
14 hours ago
- Business
- Entrepreneur
Diageo India Acquires Majority Stake in Craft Spirits Maker NAO Spirits at INR 130 Cr Valuation
This strategic move will see NAO Spirits become a subsidiary of Diageo India, further solidifying the company's commitment to India's growing premium craft spirits segment. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Diageo India (United Spirits Limited) has announced the acquisition of a controlling stake in NAO Spirits and Beverages at an enterprise value of INR 130 crore (approx. USD 15.2 million USD). This strategic move will see NAO Spirits become a subsidiary of Diageo India, further solidifying the company's commitment to India's growing premium craft spirits segment. NAO Spirits, founded in 2017 by Anand Virmani, is the force behind acclaimed brands such as 'Greater Than', India's first London Dry Gin, and 'Hapusa', a Himalayan craft gin made with foraged juniper. The company expanded into the rum category in 2024 with the launch of 'PIPA', an aged, spiced Indian craft rum made from jaggery spirit. Praveen Someshwar, MD and CEO of Diageo India, said, "Ventures, Diageo India's investment arm, is dedicated to strengthening our portfolio by investing in disruptive alco-bev startups. The acquisition of NAO Spirits represents a pivotal step in exploring future growth opportunities in Indian craft spirits. We believe it is the right time to scale up NAO Spirits using Diageo's expertise, unlocking new avenues for distribution and production." NAO Spirits' founder, Anand Virmani, stated, "We are excited to be a part of the Diageo India family. This acquisition is a powerful validation of what we've always believed—that India can create great craft spirits. With Diageo's support, we can scale further while staying true to our identity and community. Our DNA remains unchanged, and we'll continue to be the pathbreakers." Diageo India, a leading alcobev player, has a wide portfolio including iconic global and Indian brands such as Johnnie Walker, McDowell's No.1, and Godawan single malt. With this acquisition, the company aims to further strengthen its premium offerings and cater to the evolving preferences of modern Indian consumers.
Business Standard
15 hours ago
- Business
- Business Standard
Stock Alert: Mastek, Kaynes Tech, Kamat Hotels, Uno Minda, Natco Pharma
Securities in F&O ban: Aditya Birla Fashion & Retail (ABFRL), Biocon, Central Depository Services (CDSL), HUDCO, Indian Renewable Energy Development Agency (IREDA), Manappuram Finance, RBL Bank and Titagrah Rail Systems shares are banned from F&O trading on 20 June 2025. Stocks to Watch: Mastek announced the launch of a comprehensive suite of AI solutions and services aimed at accelerating AI innovation and driving enterprise-wide AI adoption. Kaynes Technology Indias board approved raising funds via QIP with floor price of Rs 5,625.75 per share, marking a 1.67% discount to the last closing price. Kamat Hotels (India) has entered into shareholders arrangement agreement to acquire control in Ilex Developers & Resorts. Uno Mindas board approved the detailed project report (DPR) for setting up its new manufacturing facility of the casting division at Sambhaji Nagar, Aurangabad to carter the increasing demands of OEMs for casting parts in EV Vehicles. Axiscades Technologies has signed a strategic memorandum of understanding (MoU) with Aldoria, a European leader in space surveillance and situational awareness (SSA), aimed at bolstering Indias ability to monitor, manage, and secure its space assets amidst growing global activity in orbit. Natco Pharma informed that the U.S. Food and Drug Administration (USFDA) had conducted an inspection at its pharma division located in Kothur, Hyderabad, India, which was conducted from June 9th June 19th, 2025. The company has received 7 (Seven) observations in the Form-483. Sudarshan Pharma Industries board approved the proposal for raising Rs 1,500 crore through various instruments via different modes. United Spirits announced taking a majority controlling stake in NAO Spirits at an enterprise value of Rs 130 crore ($15.2 million), resulting in NAO Spirits becoming a subsidiary of the company.
Deccan Herald
16 hours ago
- Business
- Deccan Herald
Diageo India buys maker of 'Greater Than', 'Hapusa' gins
The Indian arm of spirits maker Diageo added that the company, NAO Spirits, has been part of the portfolio of its investment arm, Ventures.
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Business Standard
a day ago
- Business
- Business Standard
Diageo India to acquire majority stake in NAO Spirits for ₹130 cr
Diageo India (United Spirits) on Thursday announced that it is acquiring a controlling stake in NAO Spirits at an enterprise value of ₹130 crore ($15.2 million), resulting in NAO Spirits becoming a subsidiary of the company, it said in a release. United Spirits will first purchase 37,683 equity shares of NAO from its existing shareholders, in two tranches, for an aggregate consideration of approximately ₹53.80 crore, according to a stock exchange filing. It will then subscribe afresh to 31,820 equity shares and 27,577 compulsorily convertible preference shares (CCPS) of NAO for a total consideration of approximately ₹56 crore. 'Upon successful completion of both the acquisition of shares in the first tranche under the SPA (share purchase agreement) and the fresh subscription (which will occur simultaneously), the company will hold shares constituting approximately 97.07 per cent of the paid-up share capital of NAO, resulting in NAO becoming a subsidiary of the company,' United Spirits said in its exchange filing. The company also said that the board of directors, in its meeting on Thursday, has authorised a further investment of up to ₹20 crore in NAO by way of subscription to CCPS and equity shares, in one or more tranches, to fund the working capital and other requirements of NAO from time to time. Praveen Someshwar, managing director and chief executive officer, Diageo India (United Spirits), said in the release: 'Ventures, Diageo India's investment arm, is dedicated to strengthening our portfolio by investing in disruptive alco-bev start-ups. This allows us to offer consumers a wider array of products that resonate with evolving preferences. The acquisition of NAO Spirits, a promising portfolio company within our Ventures arm, represents a pivotal step in exploring future growth opportunities in Indian craft spirits.' Someshwar added that the company believes it is the right time to scale up NAO Spirits using Diageo's expertise, unlocking new avenues for distribution and production. He further said that over the past few years, India has seen the emergence of multiple craft gin players, and NAO Spirits has become a leader in the category. 'As consumers shift towards experimentation, repertoire, and casual drinking occasions, demand for local yet authentic, craft-oriented brands is on the rise. NAO Spirits' brands are well placed to cater to these evolving trends. Diageo India already has leading international gin brands such as Tanqueray in its portfolio,' he said.
Reuters
a day ago
- Business
- Reuters
Diageo India buys maker of 'Greater Than','Hapusa' gins
June 19 (Reuters) - India's United Spirits ( opens new tab said on Thursday it is buying the maker of popular craft gins 'Greater Than' and 'Hapusa' in a deal valued at 1.3 billion rupees ($15.2 million), including debt, in a bid to boost its premium portfolio. The Indian arm of spirits maker Diageo (DGE.L), opens new tab added that the company, NAO Spirits, has been part of the portfolio of its investment arm, Ventures. NAO was launched in 2017. Its brand 'Greater Than' was India's first craft gin, said United Spirits. The deal comes at a time when rising disposable income among the upper middle class and richer Indians has led to higher demand for more expensive liquor, in tandem with more openness towards casual drinking and experimental offerings. Local and authentic craft-oriented brands are well placed to cater to these trends, said United Spirits. Hapusa, for example, can be priced at more than 3,000 rupees and according to United Spirits, is one of the few craft gins in the world made with foraged Himalayan juniper and other botanicals. Demand for premium liquor helped boost United Spirits' standalone profit in the fourth quarter by 17% to 4.51 billion rupees ($52.72 million). Net sales value in the segment rose faster than overall sales growth.
