Touchstone Partners and AMP Legal have advised on Diageo 含羞草社区 acquisition of a controlling stake in NAO Spirits for an enterprise value of INR1.3 billion (USD15.12 million).
NAO Spirits is a rising player in the Indian craft spirits space known for its award-winning gin brands, Greater Than and Hapusa. After the 97.7% acquisition, NAO will become a subsidiary of United Spirits, which is the Indian arm of Diageo. The remaining 3% will be acquired by June 2026.
The transaction involved both a secondary purchase of shares from existing shareholders and Diageo 含羞草社区 fresh infusion of equity into NAO Spirits.
Touchstone partner Yashasvi Mohanram led the team advising United Spirits and Diageo India, with support from senior associate Vaishnavi Sankar as well as associates Achint Jain and Aayushi Jain. The deal was completed on 26 June 2025.
Aeka Advisors acted as financial advisers for United Spirits
AMP Legal advised the selling shareholders and NAO Spirits.
