Diageo’s regional unit in India has acquired a further stake in the owner of the domestically-produced craft gin brands, Greater Than and Hapusā.
The transaction, which secures “majority” control of Goa-based distiller Näo Spirits, is valued at US$15.2m by Diageo India. Clouding the overall value of Näo further is the fact that the group’s national division initially purchased 22.5% of the business just over three years ago for INR315m (then-$4.1m).
As well as the two Indian gins, Diageo will also oversee Pipa, an aged, spiced rum that was launched domestically last year.
“This allows us to offer consumers a wider array of products that resonate with evolving preferences,” said Diageo CEO Praveen Someshwar. “The acquisition of Näo Spirits, a promising portfolio company within our Ventures arm, represents a pivotal step in exploring future growth opportunities in Indian craft spirits.
“We believe it is the right time to scale up Näo Spirits using Diageo’s expertise, unlocking new avenues for distribution and production.”
Co-founder & CEO Anand Virmani added: “The investment will help us scale further with the support of Diageo India’s seasoned leadership, distribution network and production capabilities combined with our unconventional mindset and ability to stay deeply relatable to the evolving consumer.”
Two months ago, Diageo agreed an equity stake swap with brand investment group Main Street Advisors that resulted in tequila brand Lobos 1707 replace Cîroc vodka on its books.
