Diageo USL Deal

Diageo-controlled United Spirits Ltd (USL) on Saturday said it will acquire a minorirty 22.5 per cent stake in Nao Spirits for Rs 31.5 crore. Diageo India will also have a call option to acquire the remaining shares on "pre-agreed principles" in Nao Spirits & Beverages Private Ltd, a joint statement said. Launched in 2016 by Anand Virmani, Nao Spirits is an emerging craft gin company in India, with brands 'Greater Than' and 'Hapusa'. "Nao Spirits provides Diageo India with an opportunity to strengthen its participation in the fast-growing premium gin segment in India," it said. Diageo India MD and CEO Hina Nagarajan said, "As a company built from founder-led brands, we are excited to make our first move in India to support bold and path-breaking entrepreneurs. Over the last three years, the Indian market has witnessed the emergence of multiple craft gin players and Nao Spirits has been a game changer in the category." While Nao Spirits & Beverages Co-Founder CEO Virmani said,

Diageo explained Sebi why it had sole control over USL since July 2013 for which it had already made an open offer

Sebi's amendment to Regulation 13 seemed tailored to suit Diageo-USL deal