Diageo India Acquires Majority Stake in NAO Spirits for $15.6M

Diageo India, through its subsidiary United Spirits Limited, has acquired a majority controlling stake in NAO Spirits, the maker of popular Indian craft gin brands 'Greater Than' and 'Hapusa', in a deal valued around $15.2 to $15.6 million USD. This acquisition marks a significant expansion into India's premium craft spirits market, leveraging Diageo's global distribution and production expertise to scale NAO's offerings, which include India's first craft gin and a recently launched premium spiced rum brand, PIPA. NAO Spirits, founded in 2017 by Anand Virmani, will continue to be led by Virmani, who emphasized that the partnership with Diageo is the start of a new growth phase while maintaining the company's craft-first ethos. Diageo's CEO Praveen Someshwar highlighted the acquisition as a pivotal step aligned with evolving consumer preferences for premium, artisanal alcoholic beverages in India. The deal reflects rising demand among India's growing upper-middle-class for higher-end, locally inspired spirits and supports Diageo's broader strategy to deepen its portfolio in emerging premium segments. Additionally, Diageo India plans further investments in NAO Spirits to support working capital and future expansion.