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Diageo to acquire Indian craft gin company Nao Spirits
Diageo India is set to buy a minority stake in Indian craft gin company Nao Spirits, raising its profile in Asia.
The deal, which will reportedly cost the drinks giant Rs 31.5 cr, will also have a call option to acquire the remaining shares on “pre-agreed principles” in Nao Spirits & Beverages Private Ltd. According to reports, the 22.5% minority stake will go to Diageo-controlled United Spirits Ltd (USL).
Indian craft gin producer Nao Spirits, which has brands including ‘Greater Than’ and ‘Hapusa’ within its portfolio, was launched by Anand Virmani in 2016.
According to the joint statement: “Nao Spirits provides Diageo India with an opportunity to strengthen its participation in the fast-growing premium gin segment in India.”
Diageo India managing director and CEO Hina Nagarajan explained: “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.”
Virmani added: “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 statement revealed that the investment will be funded through Diageo India’s internal cash resources.
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