Veritas Legal, Khaitan & Co and Ascendus Law have advised on a significant strategic investment in Dutch company Dyavol Spirits BV and Indian enterprise D’YAVOL Spirits for an undisclosed amount.
The transaction will see liquor maker Radico Khaitan acquire a 47.5% stake in both entities, while NK Enterprises Holding will acquire a 5% stake, also in both entities.
Veritas Legal acted for Dyavol Spirits BV, D’YAVOL Spirits and their existing shareholders, advising on the negotiation and finalisation of the transaction documents. Senior partner Rustam Mulla and counsel Kanisha Vora led the team, with the assistance of associate Aagam Shah.
Khaitan & Co advised Radico Khaitan and Ascendus Law advised NK Enterprises Holding. The food and beverages sector deal, announced on 12 August 2025, is currently pending completion.
Radico Khaitan is one of the oldest and largest manufacturers of Indian-made foreign liquor in India.
Radico Khaitan, Bollywood icon Shah Rukh Khan, his son Aryan Khan’s D’YAVOL Luxury Collective and entrepreneur Nikhil Kamath joined forces to launch D’YAVOL Spirits, a premium alcoholic beverages company that was incorporated in 2025. Dyavol Spirits BV is a Dutch company in the Netherlands incorporated in 2018.
