Diageo India to acquire majority stake in NAO Spirits

New Delhi, Jun 19 (PTI) Diageo India (United Spirits Ltd) on Thursday said it will acquire a majority controlling stake in NAO Spirits at an enterprise value of Rs 130 crore.

Subsequently, NAO Spirits will become a subsidiary of the company, Diageo India said in a statement.

NAO Spirits is an emerging Indian craft spirits company, with brands such as 'Greater Than' and 'Hapusa'. It was launched in 2017 by Anand Virmani.

"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," Diageo India MD and CEO Praveen Someshwar said.

He further said, "We believe it is the right time to scale up NAO Spirits using Diageo's expertise, unlocking new avenues for distribution and production." Virmani said the investment by Diageo India will help NAO Spirits scale further with the support of its seasoned leadership, distribution network and production capabilities. PTI RKL HVA