United Spirits Acquires Majority Stake in Nao Spirits & Beverages for INR 109.80 Crores

United Spirits Ltd (USL) has completed the first tranche of its investment in Nao Spirits & Beverages Private Limited (NAO) by purchasing 34,291 equity shares and subscribing to 31,820 equity shares and 27,577 Compulsorily Convertible Preference Shares (CCPS). This investment has resulted in USL holding 97.07% of the paid-up share capital of NAO. The total consideration for the transaction is approximately INR 109.80 crores. NAO is an alcohol beverage company engaged in the development, marketing, and sales of craft alcoholic beverage products, both within and outside India. The acquisition will provide USL with a significant presence in the Indian premium craft gin segment, complementing its international premium and luxury gin portfolio.