United Spirits to fully acquire NAO Spirits, maker of Greater Than & Hapusa, in a ₹130 crore deal.
NAO Spirits operates in the niche Indian craft spirits space, with a sharp focus on premium gin, a segment that’s seeing rising consumer demand.
The deets: United Spirits’ board has approved a two-step deal to acquire 100% stake in NAO Spirits & Beverages, known for its premium Indian gin brands Greater Than and Hapusa.
It will first purchase 37,683 equity shares for ₹53.8 crore, and subscribe to 31,820 fresh equity shares and 27,577 CCPS for ₹56 crore, raising its stake from 30% to 97.07%. The remaining 3% will be acquired by June 2026.
To support growth, United Spirits will also invest up to ₹20 crore in additional working capital and business expansion.
The why: the company sees NAO as a pivotal piece in its future growth bets, especially as Indian consumers lean more toward homegrown, artisanal spirits.
The acquisition comes under United Spirits’ Ventures arm, which focuses on building high-potential portfolio brands. United Spirits is best known for mass-market and premium liquor brands like McDowell’s No.1, Royal Challenge, and Antiquity & it has traditionally focused on whisky and mainstream spirits. By acquiring NAO Spirits, a leader in India’s craft gin space, the company is now stepping into the fast-growing premium and artisanal spirits segment.
By the numbers: NAO clocked ₹34.83 crore in net revenue and holds a net worth of ₹18.21 crore as of FY24.
Zoom out: The global gin market stood at $14.35B in 2023, and is projected to grow at a rate of 4% to touch $20.42B by 2032.
The shift toward premium, botanical-rich craft gins is driving demand, particularly in Europe, North America, and now, increasingly, India. United Spirits is placing its bet where the trend is heading.
