United Spirits Limited has informed the Exchange about Acquisition
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United Spirits Limited (Diageo India) is acquiring full ownership of NAO Spirits & Beverages, the maker of award-winning Indian craft gin brands 'Greater Than' and 'Hapusa' and premium rum 'PIPA', at an Enterprise Value of INR 130 crores (USD 15.2 million). USL currently holds 30% in NAO and will buy 37,683 equity shares from existing shareholders for ~INR 53.80 crores and subscribe to fresh shares plus CCPS for ~INR 56 crores, taking its stake to ~97.07% and making NAO a subsidiary. The board also approved additional investment of up to INR 20 crores in NAO for working capital needs. The first tranche closes by June 27, 2025, with the final 3% stake expected by June 30, 2026. NAO reported FY24 turnover of INR 77.73 crores and net sales of INR 34.83 crores, with ~98% of revenue from India.
This acquisition strengthens USL's position in India's fast-growing premium craft gin segment, complementing its international gin portfolio (e.g., Tanqueray). For shareholders, the deal adds a high-growth craft spirits brand to the portfolio, though the size is relatively small compared to USL's overall business. No open offer obligation is indicated in the filing.