Latest news with #AnandVirmani
Time of India
an hour ago
- Business
- Time of India
USL to buy Greater Than gin maker
BENGALURU: United Spirits (USL), the Indian arm of global liquor major Diageo, will acquire a 100% stake in Nao Spirits & Beverages, the maker of popular Indian craft gin brands Greater Than and Hapusa, in a two-step transaction valued at about Rs 110 crore. Tired of too many ads? go ad free now The deal marks Diageo's push into India's fast-growing premium craft spirits segment. USL currently owns 30% of Nao Spirits. Founded in 2017 by Anand Virmani, Nao Spirits emerged as a leader in the craft gin firm reported a gross turnover of Rs 77.7 crore and net sales of Rs 34.8 crore in 2023-24. Virmani will continue to lead the business under Diageo's ownership.
Time of India
11 hours ago
- Business
- Time of India
Diageo India to fully acquire Greater Than parent co for Rs 110 crore
BENGALURU: United Spirits Ltd (USL), the Indian arm of global liquor major Diageo, will acquire 100% stake in Nao Spirits & Beverages, the maker of popular Indian craft gin brands Greater Than and Hapusa, in a two-step transaction valued at about Rs 110 crore. The deal marks Diageo's push into India's fast-growing premium craft spirits segment. USL, which already owns 30% of Nao Spirits, said its board has approved the purchase of an additional 37,683 equity shares from existing shareholders in two tranches for Rs 53.8 crore. It will also subscribe to 31,820 new equity shares and 27,577 compulsorily convertible preference shares (CCPS) for Rs 56 crore. Following the completion of the first tranche of the share purchase and fresh subscription, expected by June 27, USL will raise its stake to 97.07%, making Nao Spirits a subsidiary. The second tranche, comprising about 3% held by one shareholder, is expected to close by June 2026. An interim voting agreement will be in place until full ownership is achieved. The acquisition is part of Diageo's broader strategy to deepen its portfolio in emerging premium segments. 'With the acquisition of Nao Spirits, we're unlocking new avenues for growth in Indian craft spirits,' said Praveen Someshwar, MD and CEO of Diageo India. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Scam Exposed: What They Won't Tell You about zero trust! Expertinspector Click Here Undo 'The time is right to scale this business using Diageo's distribution and production expertise.' Founded in 2017 by Anand Virmani, Nao Spirits has emerged as a leader in the craft gin space. Its products, Greater Than and Hapusa, are award-winning, and the company recently launched a premium spiced rum brand, Pipa. The firm reported gross turnover of Rs 77.7 crore and net sales of Rs 34.8 crore in FY24, with 98% of revenue from India. Post-acquisition, Diageo India has also approved up to Rs 20 crore in additional investment into Nao Spirits to support working capital and future growth. Nao's brands will now be scaled alongside Diageo's global gin portfolio, which includes Tanqueray and Gordon's. Anand Virmani will continue to lead the business under Diageo's ownership. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
12 hours ago
- Business
- Time of India
USL to acquire majority stake in Nao Spirits
Diageo India ( United Spirits Limited ), on Thursday said it is acquiring a majority controlling stake in Nao Spirits at an enterprise value of Rs130 crore. Three years ago, Diageo bought a 22.5% stake in Nao, which makes Hapusa and Greater Than gin and later added another 7.5% stake a year later 'Ventures, Diageo India's investment arm is dedicated to strengthening our portfolio by investing in disruptive alco-bev startups. This allows us to offer consumers a wider array of products that resonate with evolving preferences. 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 ," said Praveen Someshwar, MD and CEO, Diageo India (USL), which has global gin brands such as Tanqueray in its portfolio. Launched in 2017 by Anand Virmani, the company controls 4.6% market share in the Indian gin category. Last year, the company also launched an aged, spiced rum, Pipa. Over the past few years, several small handmade batches of local brands, especially from Goa, stirred up the segment. However, mainstream companies too entered the space either by acquiring startups or launching their own gin brand. Apart from USL acquiring Nao, Tilaknagar Industries Limited bought stake in Spaceman Spirits Lab, the owner of Samsara while Allied Blenders and Distillers acquired all brands and other Intellectual Property rights from Fullarton Distilleries Private, the maker of Pumori gin and Woodburns whiskey. Amrut's Nilgiris gin and Malhar from John Distilleries are more recent toe dips into craft gin by major local distillers. "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," said Anand Virmani, Co-Founder & CEO, Nao Spirits & Beverages
