United Spirits Arm To Fully Acquire Nao Spirits

United Spirits Ltd. will be fully acquiring Nao Spirits & Beverages Pvt. at an enterprise value of Rs 130 crore, according to an exchange filing on Thursday.

"Ventures, Diageo India's investment arm, is dedicated to strengthening our portfolio by investing in disruptive alco-bev startups," Praveen Someshwar, chief executive officer of Diageo India, said.

Nao Spirits was launched in 2017 by Anand Virmani, with the idea of bringing an Indian botanical infused gin to the global market. Nao Spirits is an emerging Indian craft spirits company, with brands like ’Greater Than’ and ’Hapusa’.

"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," Someshwar said.

Greater Than, India's inaugural craft gin, incorporates nine botanicals sourced globally, including from India. Its sister product, Hapusa, stands out as one of the few craft gins globally that utilizes wild-foraged Himalayan Juniper and other distinctive botanicals.

"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," Anand Virmani, CEO of Nao Spirits, said.

Last year, the company expanded its offerings with PIPA, an aged, spiced rum. PIPA is crafted from jaggery spirit and matured for a year in specially imported casks.

"We believe it is the right time to scale up NAO Spirits using Diageo's expertise, unlocking new avenues for distribution and production. We are excited to welcome Anand into the Diageo family as he continues to lead the NAO Spirits business," Someshwar stated.