Diageo India has announced an investment of INR 31.5 crores to acquire a 22.5% stake in Nao Spirits and Beverages.
Under the agreement, Diageo India will have a call option to acquire the remaining shares on pre-agreed principles.
Nao Spirits was launched in 2016 by Anand Virmani. It consists of gin brands Greater Than and Hapusa.
Hina Nagarajan, MD and CEO, Diageo India, said, “As a company built from founder-led brands, we are excited to make our first move in India to support bold and path-breaking entrepreneurs. Over the last three years, the Indian market has witnessed the emergence of multiple craft gin players and Nao Spirits has been a game changer in the category. Our team is deeply committed to supporting Anand Virmani, Aparajita Ninan and Abhinav Rajput, who will continue to run the business, to deliver Nao’s vision of placing Indian craft gin amongst the world’s most coveted craft spirits."
Anand Virmani, fo-founder and CEO, Nao Spirits & Beverages, said, “We are delighted to partner with a company like Diageo which has supported craft spirits brands. This investment is a validation of the hard work, creativity, grit and passion of our team. As we look to chart the next phase of growth of Nao Spirits, the investment from Diageo India will help scale our business, improve efficiencies, and access mentorship from an industry leader, which will be immensely valuable.”
The investment will be funded through Diageo India’s internal cash resources.
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