Intimation regarding completion of further investment in Nao Spirits & Beverages PrivateLimited ( NAO )
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United Spirits Limited has completed its further investment in Nao Spirits & Beverages Private Limited (NAO), increasing its stake from 30% to 97.07% of NAO's paid-up share capital, making NAO a subsidiary of USL. The transaction involved purchasing 34,291 equity shares from existing shareholders (~INR 53.80 crores) and subscribing to 31,820 fresh equity shares and 27,577 CCPS (~INR 56 crores), for an aggregate cash outflow of around INR 110 crores. NAO, founded in 2017, is India's leading craft gin brand with award-winning products 'Greater Than' and 'Hapusa', and recently expanded into premium rum with 'Pipa'. A second tranche for the remaining ~3% is expected by 30 June 2026, which would take USL's holding to 100%. USL also authorised additional funding of up to INR 20 crores for NAO's working capital needs.
This is a strategic, value-accretive move that strengthens USL's presence in India's fast-growing premium craft gin segment, complementing its international premium and luxury gin portfolio. With NAO now becoming a subsidiary, its revenues and profits will be fully consolidated into USL's financials, potentially boosting topline growth.