Diageo India, often known as United Spirits Restricted, has introduced the acquisition of a majority controlling stake in Goa-based gin producer Nao Spirits for INR 130 crores (US$15.2m).
The transfer means Nao Spirits, producer of manufacturers together with Hapusa and Larger Than gin, has now change into a subsidiary of Diageo India.
Praveen Someshwar, managing director and chief govt of Diageo India, mentioned: “The acquisition of Nao Spirits, a promising portfolio firm inside our Ventures arm, represents a pivotal step in exploring future progress alternatives in Indian craft spirits. We consider it’s the proper time to scale up Nao Spirits utilizing Diageo’s experience, unlocking new avenues for distribution and manufacturing.”
Anand Virmani, co-founder and chief govt of Nao Spirits & Drinks, added: “The funding will assist us scale additional with the assist of Diageo India’s seasoned management, distribution community and manufacturing capabilities mixed with our unconventional mindset and talent to remain deeply relatable to the evolving client.”
The acquisition comes after Diageo acquired a 22.5% stake in Nao Spirits, in 2022, for INR 31.5 crores (US$4.1m).
