Diageo India To Take Full Control Of NAO Spirits At ₹1.30 Billion Valuation

United Spirits Ltd.'s parent Diageo India on Thursday said it will acquire a controlling 100% stake in craft gin maker NAO Spirits, valuing the company at ₹1.30 billion. 

United Spirits, which already owns 30% of NAO Spirits, will buy the remaining 70% in two tranches, starting with 37,683 shares for ₹538 million. It will also subscribe to fresh equity and preference shares worth ₹560 million, and invest ₹200 million for working capital needs, the company said in a filing.