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USL to acquire majority stake in Nao Spirits
M & A Critique
|July 2025
Diageo India (United Spirits Limited), said it is acquiring a majority controlling stake in Nao Spirits at an enterprise value of Rs130 crore.
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Three years ago, Diageo bought a 22.5% stake in Nao, which makes Hapusa and Greater Than gin and later added another 7.5% stake a year later.
"Ventures, Diageo India's investment arm is dedicated to strengthening our portfolio by investing in disruptive alco-bev startups. 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," said Praveen Someshwar, MD and CEO, Diageo India (USL), which has global gin brands such as Tanqueray in its portfolio.
Launched in 2017 by Anand Virmani, the company controls 4.6% market share in the Indian gin category. Last year, the company also launched an aged, spiced rum, Pipa.
This story is from the July 2025 edition of M & A Critique.
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