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Diageo India buys majority stake in Nao Spirits
Diageo India, also known as United Spirits Limited, has announced the purchase of a majority controlling stake in Goa-based gin producer Nao Spirits for INR 130 crores (US$15.2m).
The move means Nao Spirits, producer of brands including Hapusa and Greater Than gin, has now become a subsidiary of Diageo India.
Praveen Someshwar, managing director and chief executive of Diageo India, said: “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. We believe it is the right time to scale up Nao Spirits using Diageo's expertise, unlocking new avenues for distribution and production.”
Anand Virmani, co-founder and chief executive of Nao Spirits & Beverages, added: “The investment will help us scale further with the support of Diageo India’s seasoned leadership, distribution network and production capabilities combined with our unconventional mindset and ability to stay deeply relatable to the evolving consumer.”
The acquisition comes after Diageo acquired a 22.5% stake in Nao Spirits, in 2022, for INR 31.5 crores (US$4.1m).
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