United Spirits to acquire NAO Spirits for ₹130 Crore

20 Jun 2025 , 12:21 PM

United Spirits Limited informed the bourses and exchanges that it is planning to acquire an entire stake in NAO Spirits & Beverages Private Limited at an enterprise value of ₹130 Crore (approximately $15.20 Million). NAO Spirits is a premium Indian craft gin brands, Greater Than and Hapusa.

USL has received board approval for acquisition of 37,683 equity shares from NAO’s existing shareholders in two tranches for an aggregate value of ₹53.80 Crore. This may also include a fresh subscription to 31,820 equity shares and 27,577 compulsorily convertible preference shares (CCPS) for an aggregate value of ₹56 Crore.

The company said that it plans to conclude these transactions by June 27, 2025. With completion of this transaction, USL’s stake in NAO has been increased from 30% to 97.07%. Hence, NAO has become a subsidiary of the company. 

The company shall take over the balance 3% stake by June 2026, making it a 100% subsidiary.

NAO Spirits reported a turnover of ₹34.83 Crore in FY24, and a net worth of ₹18.21 Crore. The company deals in the craft alcoholic beverages segment and markets products both internationally and domestically.

The business plans to fund its acquisition through a mix of upfront and deferred cash consideration. The business also received an approval for additional infusion of ₹20 Crore for backing NAO’s working capital and operational expansion.

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