Latest news with #Godawan
Mint
8 hours ago
- Business
- Mint
United Spirits to buy out Greater Than gin maker Nao Spirits in a ₹110 cr deal
United Spirits Ltd (USL), the Indian arm of global liquor major Diageo Plc, is acquiring homegrown craft spirits maker Nao Spirits & Beverages Pvt. Ltd in a deal valued at about ₹ 110 crore, it said in a stock exchange filing late Thursday evening. The USL board approved the acquisition of an additional stake in Nao Spirits, which owns gin brands like Greater Than and Hapusa, on Wednesday. The company, which already holds 30% in the business, will buy 37,683 equity shares from existing shareholders in two tranches for around ₹ 53.8 crore. It will simultaneously invest approximately ₹ 56 crore via a fresh subscription of 31,820 equity shares and 27,577 compulsorily convertible preference shares (CCPS), it said in the filing. Following the completion of the first tranche and the new issuance, USL will own around 97.07% of Nao Spirits' paid-up capital on a fully diluted basis. The second tranche of the share purchase, to be completed later, will raise its ownership to 100%, making the craft spirits maker a wholly owned subsidiary of the Diageo arm. The USL board has also authorized a further investment of up to ₹ 20 crore in the alco-bev startup through equity or CCPS to support its working capital and business requirements. USL first acquired a stake in the company in March 2022 and has since completed a gradual buyout. Nao Spirits entered the premium gin market in 2016. 'Ventures, our investment arm, is dedicated to strengthening our portfolio by investing in disruptive alco-bev startups. The acquisition represents a pivotal step in exploring future growth opportunities in Indian craft spirits…,' said Praveen Someshwar, managing director and chief executive, Diageo India (USL). In September 2024, Mint reported that Diageo, the world's largest spirits company, planned to pour $100 million ( ₹ 840 crore then) into the country over the next three years to grow its premium portfolio and develop new products tailored to local tastes. Its chief executive Debra Crew, speaking to Mint, said India was now emerging as a key innovation hub for the company, where products like the homegrown single malt Godawan are first tested and refined before being launched in global markets. Crew added that Diageo was also open to investing in Indian craft spirit brands, citing the country's growing pool of young, affluent consumers. In addition to its investment in Nao Spirits, Diageo has set up a ₹ 45 crore innovation centre in Goa to support research and development of premium beverages. Data from international drinks consultancy IWSR showed that gin had a rapid ascent in the country before levelling off in 2024. The category grew a modest 1% in volume, signalling that the enthusiasm around homegrown craft gins may be cooling. According to industry estimates, at its peak two years ago, the craft gin segment sold roughly 350,000 cases annually. Insiders told Mint that those numbers have now plateaued, an indication that consumer interest may be shifting toward other white spirits. For the year ending 31 March 2025, Diageo India posted gross revenues of ₹ 26,780 crore, marking a 5.4% year-on-year increase. In the March quarter alone, net sales rose 10.5% to ₹ 2,946 crore, driven by a strong portfolio performance and the reopening of trade in Andhra Pradesh.
Mint
11 hours ago
- Business
- Mint
United Spirits to buy out Greater Than gin maker Nao Spirits in a ₹110 cr deal
United Spirits Ltd (USL), the Indian arm of global liquor major Diageo Plc, is acquiring homegrown craft spirits maker Nao Spirits & Beverages Pvt. Ltd in a deal valued at about ₹ 110 crore, it said in a stock exchange filing late Thursday evening. The USL board approved the acquisition of an additional stake in Nao Spirits, which owns gin brands like Greater Than and Hapusa, on Wednesday. The company, which already holds 30% in the business, will buy 37,683 equity shares from existing shareholders in two tranches for around ₹ 53.8 crore. It will simultaneously invest approximately ₹ 56 crore via a fresh subscription of 31,820 equity shares and 27,577 compulsorily convertible preference shares (CCPS), it said in the filing. Following the completion of the first tranche and the new issuance, USL will own around 97.07% of Nao Spirits' paid-up capital on a fully diluted basis. The second tranche of the share purchase, to be completed later, will raise its ownership to 100%, making the craft spirits maker a wholly owned subsidiary of the Diageo arm. The USL board has also authorized a further investment of up to ₹ 20 crore in the alco-bev startup through equity or CCPS to support its working capital and business requirements. USL first acquired a stake in the company in March 2022 and has since completed a gradual buyout. Nao Spirits entered the premium gin market in 2016. 'Ventures, our investment arm, is dedicated to strengthening our portfolio by investing in disruptive alco-bev startups. The acquisition represents a pivotal step in exploring future growth opportunities in Indian craft spirits…,' said Praveen Someshwar, managing director and chief executive, Diageo India (USL). In September 2024, Mint reported that Diageo, the world's largest spirits company, planned to pour $100 million ( ₹ 840 crore then) into the country over the next three years to grow its premium portfolio and develop new products tailored to local tastes. Its chief executive Debra Crew, speaking to Mint, said India was now emerging as a key innovation hub for the company, where products like the homegrown single malt Godawan are first tested and refined before being launched in global markets. Crew added that Diageo was also open to investing in Indian craft spirit brands, citing the country's growing pool of young, affluent consumers. In addition to its investment in Nao Spirits, Diageo has set up a ₹ 45 crore innovation centre in Goa to support research and development of premium beverages. Data from international drinks consultancy IWSR showed that gin had a rapid ascent in the country before levelling off in 2024. The category grew a modest 1% in volume, signalling that the enthusiasm around homegrown craft gins may be cooling. According to industry estimates, at its peak two years ago, the craft gin segment sold roughly 350,000 cases annually. Insiders told Mint that those numbers have now plateaued, an indication that consumer interest may be shifting toward other white spirits. For the year ending 31 March 2025, Diageo India posted gross revenues of ₹ 26,780 crore, marking a 5.4% year-on-year increase. In the March quarter alone, net sales rose 10.5% to ₹ 2,946 crore, driven by a strong portfolio performance and the reopening of trade in Andhra Pradesh. Quarterly profit after tax stood at ₹ 451 crore, up 17.4%, while gross profit climbed 13.4%, pushing the gross margin to 44.5%.
Hindustan Times
4 days ago
- Science
- Hindustan Times
73 Great Indian Bustards spotted during ‘waterhole survey' in Jaisalmer
73 Great Indian Bustards, also known as 'Godawan,' were spotted in Rajasthan's Jaisalmer district during the annual waterhole survey, a method used for wildlife census. The survey began at midnight on June 11, coinciding with Vaishakh Purnima (the full moon night), and continued uninterrupted for 24 hours until June 12. Vaishakh Purnima is selected for the census as it typically falls during peak summer, when temperatures in Rajasthan soar above 45°C. The intense heat forces wildlife to visit waterholes at least once every 24 hours, increasing the chances of sightings. Additionally, the full moon provides natural light throughout the night, enabling easier observation without artificial lighting—making it the most effective time for wildlife monitoring across India. Brij Mohan Gupta, district forest officer (DFO) of the Desert National Park (DNP), confirmed the sightings and expressed optimism about the bird's increasing presence in its natural habitat. Also Read: 64 Great Indian Bustards spotted during 'Waterhole' survey Wildlife expert and environmentalist Sumer Singh Bhati noted that the rise in wild sightings—alongside the success of the breeding program—offers hope for the long-term survival of the species in the Thar Desert ecosystem. 20% rise in overall wildlife numbers In addition to the Godawan count, this year's census revealed a 20% increase in the overall wild animal population across the six ranges of the Jaisalmer Forest Division. According to Kumar Shubham, deputy conservator of forests (DCF), a total of 2,592 wild animals were observed— up from last year's count. The census was conducted across six ranges—Pokaran, Chhayan, Sam, Lathi, Dabla, and Jaisalmer headquarters—with around 55 forest personnel monitoring 24 water points continuously for 24 hours. The results were described as highly encouraging, supported by favorable weather conditions that allowed for clear visibility and high wildlife activity. Among the animals counted were 933 Chinkaras, 106 cranes (Sarus), 22 foxes, along with hares, jungle cats, and other species. In comparison, the 2024 census recorded 64 Godawans, while 42 were spotted in 2022. The 2023 census could not be conducted due to unexpected rainfall owing to a western disturbance, which disrupted the usual animal movements and visibility necessary for the survey. The 2024 census recorded more than 1,000 Chinkaras, 30 desert cats, 150 foxes, and over 100 vultures—a notable reflection of improving ecological health in the region. The Great Indian Bustard (GIB) is listed under Schedule I of the Indian Wildlife (Protection) Act, 1972, Appendix I of the Convention on International Trade in Endangered Species (CITES), and Schedule I of the Convention on Migratory Species (CMS)—providing it the highest level of legal protection.
Scottish Sun
19-05-2025
- Business
- Scottish Sun
Drinks giant Diageo says it will face £111million hit from tariffs — despite UK trade deal with Trump
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) DRINKS giant Diageo has said it will face a £111million hit from tariffs — despite the UK striking a trade deal with Donald Trump. Chief executive Debra Crew said the firm would look to work around the higher costs partly by increasing prices, which will impact US drinkers. 3 Diageo has said it will face a £111million hit from tariffs — despite the UK striking a trade deal with Donald Trump Credit: GIGIL/DIAGEO 3 The Guinness, Smirnoff and Johnnie Walker whisky maker said it will still be hit by a ten per cent baseline tariff on imports Credit: PA The Guinness, Smirnoff and Johnnie Walker whisky maker said it will still be hit by a ten per cent baseline tariff on imports. It is the latest example of Keir Starmer's trade deal benefiting the car industry while other firms pay the price of a new world order that makes US exports much more costly. Diageo's biggest export is Johnnie Walker whisky — which cannot be made in the US or it would not qualify as Scotch. The brand recently launched a drive tied in to Netflix's Squid Game series with limited edition bottles. The pain of tariffs has been lessened after a 25 per cent levy on Mexican spirits did not materialise. Diageo had feared the impact on its Don Julio tequila and Crown Royal whisky brands. Ms Crew also welcomed the UK's recent trade deal with India, which has opened the world's biggest whisky market. As well as exporting Scotch it has also launched Godawan, a single malt made in Rajasthan, India. The FTSE 100 drinks company yesterday said it would revive its fortunes by driving £373million of cost savings and potentially selling some brands. Finance chief Nik Jhangiani said the dismissals would be 'above and beyond the small disposals seen in recent years'. President Donald Trump says he won't cut U.S. tariffs on Chinese goods to get Beijing to the negotiating table Ms Crew emphasised that 'we still have no plans' to offload Guinness. Richard Hunter, analyst at Interactive Investor, said Guinness accounts for two-thirds of Diageo's beer sales and 'it appears this jewel in the crown is one Diageo is keen to protect'. SAVE OUR FINAL FRONTIER THE boss of Airbus' defence and space business has urged the Government to protect its sovereignty in the cosmos. As part of yesterday's 'reset' with the EU, the UK struck a security and defence partnership to develop a space-related policy. The hope is this will 'pave the way' for British firms to access a £150billion defence projects fund. Ben Bridge, chairman of Airbus Defence and Space in the UK, welcomed the deal. However, he said the industry was waiting for the Government's defence spending review and industrial strategy amid the first increase in military budgets in decades. He added: 'At the moment, the UK has a fantastic capability in space. It's something we should nurture and invest in because space is becoming an important topic on a number of fronts.' He said the UK had a £10billion export opportunity in satellite communications, with Brits interacting with 42 satellites a day for services such as location for satnavs. He went on: 'The impact of losing satellites in the UK would be a £1billion day.' Mr Bridge said Airbus, and others, were keen for a longer contracts as satellites take three years to build and are typically in orbit for 15 years. And there are growing signs of hostility in space, with satellites being 'tested' by rogue operators to see if they could be manipulated. RYANAIR'S PRICES TO TAKE OFF RYANAIR boss Michael O'Leary warned the airline could hike prices by almost a fifth — as the outspoken CEO flies close to an £84million bonus. The move comes after the no-frills business posted a 16 per cent fall in profits to £1.5billion after it discounted tickets. 3 Ryanair boss Michael O'Leary warned the airline could hike prices by almost a fifth — as the outspoken CEO flies close to an £84million bonus Credit: Getty It was also hit by delays to new Boeing planes. Mr O'Leary said he was confident after 'robust' demand for summer holidays. Ryanair said it had increased Easter trips by seven per cent and expected fares to rise by a 'mid to high teen per cent'. Mr O'Leary, 64 — who has led Ryanair since 1994 and aims to stay until l 2028 — is nearing a controversial €100million one-off award triggered if the airline's share price remains above €21 for 28 days in a row. It has traded above that since the start of the month and yesterday rose by 3.61 per cent to €23.22 on the Euronext — and by 4.6 per cent to £19.80 on the London stock market. REVOLUT HQ SNUB THE UK has been dealt a blow after fintech firm Revolut chose to open its new European HQ in Paris. The London-based group said it will make a £840million investment. It comes after its chief exec Nikolay Storonsky attacked Britain's 'bureaucratic' processes following a three-year wait to secure a UK banking licence. Mr Storonsky has previously dismissed the idea of a London listing as 'not rational'. POUNDLAND'S £1 BARGAIN-hunting bidders are offering as little as £1 to take over Poundland — amid warnings any deal will lead to 200 of its stores shutting. The struggling chain was put up for sale by Polish parent PEPCO after sales dived following an attempt to sell clothing. Interest was shown by turnaround firms Gordon Brothers, Endless, Hilco and Modella Capital — which recently bought WH Smith's high street stores. They are likely to offer a nominal £1 — but will have to pump in up to £100million. THE CROWN ESTATE, which manages the public properties of King Charles, and Australian developer Lendlease, have announced a £24billion development partnership from London to Birmingham, including offices and 26,000 new homes. 'BYE NOW' STAFF KLARNA has cut its workforce by 40 per cent due to artificial intelligence advances — and a doubling in losses. The 'buy now pay later' firm's losses rose from £35million to £68million during the first three months of this year because of one-off costs linked to its halted US stock market listing. The business has reduced its workforce to 3,422 by not replacing staff and using AI. Boss Sebastian Siemiatkowski said Klarna will recruit up to 100 human customer agents for detailed advice.
