Diageo’s Indian division has increased its holding in domestic non-alcoholic spirits company V9 Beverages.
In a filing with the Mumbai Stock Exchange, the unit said that its board has approved a further investment of INR32m (US$385,000) through the subscription of 1,762 compulsory convertible preference shares in V9 Beverages. Following completion, Diageo India’s shareholding in the business will rise from 15% to 25% on a fully diluted basis.
The move follows earlier investments disclosed in July and September 2024 into the zero-alcohol spirit distiller, which was founded in 2020. Its range includes Sober Gin, Sober Whiskey and Sober Rum. The July investment saw Diageo India buy a 15% stake in the New Delhi-headquartered company for INR22.9m.
Separately, DIageo also announced the appointment of Julie Bramham (below) as an additional non-executive director, effective from tomorrow (21 January).
Bramham is currently the global MD of Diageo’s ‘luxury’ division. She joined the business nearly 27 years ago and was CMO of Diageo’s India business unit from 2018 to 2020.
In June last year, Diageo India bought a further stake in the owner of the domestically-produced craft gin brands Greater Than and Hapusā.
