Latest news with #AnandVirmani
The Hindu
24-06-2025
- Business
- The Hindu
Indian brand Nao Spirits, the makers of Greater Than and Hapusa gin, acquired by Diageo
Homegrown spirit brand Nao Spirits are the makers of Indian craft gins such as Greater Than and Hapusa. Launched in 2017 by Anand Virmani, Aparajita Ninan and Vaibhav Singh, and later joined by Abhinav Rajput, the brand led the way for the craft gin revolution in the country. Nao was recently acquired by Diageo India (United Spirits Limited), in a ₹130 crore deal. Nao takes its name from the word for 'boat' in Portuguese and Indian languages. 'When we began, the gin market was non-existent in India. Back in 2016, we were running Perch Wine and Coffee Bar (New Delhi), and one of the things which took us by surprise was the number people coming in requesting for a gin and tonic. That insight led us to look behind the bar and ask a simple question: do we have a quality Indian gin to serve? The answer, at the time, was no,' says Anand. The distillery in Goa launched Greater Than, India's first London Dry gin made with botanicals in 2017. 2018 saw the launch of Hapusa, a Himalayan Dry Gin aimed at the premium sipping gin market. Over the years, the brand has released many special edition bottles, and spirits using ingredients such as Kashmir willow wood from broken cricket bats and Mahabaleshwar strawberries. Today the gin market in India has grown exponentially. It has gone from 12,000-case number to 5,00,000 cases in the last calendar year, and that number is just going up. Speaking of the acquisition and the new chapter of the brand, Anand explains, 'Our DNA remains unchanged. We will continue to be the pathbreakers, building a brave company from modern India that's redefining quality spirits, one label at a time. We will still be powered by the same people, the same purpose, and the same belief that has shaped Nao Spirits.' The brand does not have any new launches lined up for the near future under the Diageo umbrella. Anand says it is business as usual as they gear up for the Foragers Championship, a cross-continental cocktail competition and the latest edition of Greater Than Bar Wars in India 'We have always looked at acquisitions in India being for large companies, such as Diageo with United Spirits and the like. For us as an independent craft spirits company to have the opportunity to experience this, is totally out of the realm of imagination. We are very excited about what this partnership is possibly going to bring to us. And at the same time, we are very keen to hold on to the little bits that that have made this journey so special for us so far,' he concludes.
Yahoo
20-06-2025
- Business
- Yahoo
United Spirits to buy control of India's Nao Spirits
Diageo-controlled United Spirits is acquiring a 'majority controlling stake' in Indian distiller Nao Spirits. The deal, valued at around Rs1.3bn ($15.2m), will see United Spirits initially own 97.07% of New Delhi-based Nao Spirits. United Spirits initially acquired a 22.5% stake in the maker of Hapusa and Greater Than gin three years ago. The following year, United Spirits, in which Diageo owns a majority stake, bought a further 7.5%. In a stock exchange filing yesterday (19 June), United Spirits said it will purchase 37,683 shares from investors in Nao Spirits in two tranches for around Rs538m. The company will also invest approximately Rs560m through a fresh subscription of 31,820 equity shares and 27,577 compulsorily convertible preference shares (CCPS). Upon the completion of the first tranche and the new share issuance, United Spirits will hold the 97.07% stake. A second tranche, to be finalised later, will increase United Spirits' ownership to 100%. The United Spirits board has also approved an additional investment of up to Rs200m in Nao Spirits through equity or CCPS to support its working capital and business needs. Praveen Someshwar, the MD and CEO of United Spirits, who took on the role in January and is a former PepsiCo executive, called the Nao Spirits deal a 'pivotal step in exploring future growth opportunities in Indian craft spirits'. Nao Spirits was launched in 2016 by Anand Virmani and is one of India's emerging 'craft' gin companies. Its Greater Than and Hapusa gin brands are made with Indian spices and botanicals. Virmani said the investment will help Nao Spirits 'scale further with the support of Diageo India's seasoned leadership, distribution network and production capabilities'. Bengaluru-based United Spirits has 35 manufacturing facilities across the country. It produces, markets and distributes brands including Johnnie Walker, Black Dog, Royal Challenge, McDowell's No1, and Smirnoff. In April, United Spirits took a 15% stake in Inspired Hospitality, an Indian producer that owns agave-spirit brand Pistola, for Rs56m. "United Spirits to buy control of India's Nao Spirits" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Entrepreneur
20-06-2025
- Business
- Entrepreneur
Diageo India Acquires Majority Stake in Craft Spirits Maker NAO Spirits at INR 130 Cr Valuation
This strategic move will see NAO Spirits become a subsidiary of Diageo India, further solidifying the company's commitment to India's growing premium craft spirits segment. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Diageo India (United Spirits Limited) has announced the acquisition of a controlling stake in NAO Spirits and Beverages at an enterprise value of INR 130 crore (approx. USD 15.2 million USD). This strategic move will see NAO Spirits become a subsidiary of Diageo India, further solidifying the company's commitment to India's growing premium craft spirits segment. NAO Spirits, founded in 2017 by Anand Virmani, is the force behind acclaimed brands such as 'Greater Than', India's first London Dry Gin, and 'Hapusa', a Himalayan craft gin made with foraged juniper. The company expanded into the rum category in 2024 with the launch of 'PIPA', an aged, spiced Indian craft rum made from jaggery spirit. Praveen Someshwar, MD and CEO of Diageo India, said, "Ventures, Diageo India's investment arm, is dedicated to strengthening our portfolio by investing in disruptive alco-bev startups. The acquisition of NAO Spirits represents a pivotal step in exploring future growth opportunities in Indian craft spirits. We believe it is the right time to scale up NAO Spirits using Diageo's expertise, unlocking new avenues for distribution and production." NAO Spirits' founder, Anand Virmani, stated, "We are excited to be a part of the Diageo India family. This acquisition is a powerful validation of what we've always believed—that India can create great craft spirits. With Diageo's support, we can scale further while staying true to our identity and community. Our DNA remains unchanged, and we'll continue to be the pathbreakers." Diageo India, a leading alcobev player, has a wide portfolio including iconic global and Indian brands such as Johnnie Walker, McDowell's No.1, and Godawan single malt. With this acquisition, the company aims to further strengthen its premium offerings and cater to the evolving preferences of modern Indian consumers.
Time of India
20-06-2025
- 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
19-06-2025
- 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
