United Spirits Limited has informed the Exchange regarding a press release dated Jun 19, 2025, titled "Diageo India (USL) to acquire NAO Spirits, maker of premium Indian craft gin brands like Greater Than and Hapusa ".
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Diageo India (United Spirits Limited) is taking full control of NAO Spirits, the maker of premium Indian craft gin brands 'Greater Than' and 'Hapusa' and craft rum 'Pipa'. USL already held 30% in NAO and will now buy 37,683 equity shares from existing shareholders for about INR 53.80 crores and subscribe to fresh equity shares and CCPS for about INR 56 crores. After the first tranche and subscription, USL's stake will rise to roughly 97.07%, making NAO a subsidiary, and eventually 100% after the second tranche by June 2026. The enterprise value of the deal is INR 130 crores (around USD 15.2 million). The board has also approved an additional investment of up to INR 20 crores into NAO for working capital needs. NAO's turnover has more than doubled from INR 24.91 crores in FY22 to INR 77.73 crores in FY24, with about 98% of revenue coming from India.
The acquisition strengthens USL's foothold in India's fast-growing premium craft gin segment, complementing its existing international gin brands like Tanqueray. NAO's strong revenue growth and award-winning brands make it a strategic fit, though the deal size is small relative to USL's overall business and the impact on near-term financials will be limited.