United Spirits Limited (USL) has announced an investment of INR 2.69 crore in Nuvola Spirits Private Limited (NSPL). This investment will acquire 10.08% of NSPL’s fully diluted share capital through Compulsory Convertible Preference Shares and equity shares. The move aligns with USL’s strategy to back innovative founders in the premium craft beverage segment, focusing on brands like ‘Mikiamo’ and ‘Seoulmate’. The deal is expected to be completed by September 21, 2026.
USL Acquires Stake in Nuvola Spirits
United Spirits Limited (USL) has officially disclosed its strategic investment in Nuvola Spirits Private Limited (NSPL). The company’s Board of Directors approved the investment, which involves subscribing to 17,350 Compulsory Convertible Preference Shares (CCPS) and 10 equity shares of NSPL. This acquisition represents 10.08% of NSPL’s issued and paid-up share capital on a fully diluted basis, for an aggregate consideration of INR 2.69 crore.
Strategic Rationale and Alignment
The investment in NSPL, an emerging player in the alcohol and non-alcohol beverage sector, aligns with USL’s overarching strategy. USL aims to support innovative entrepreneurs and capitalize on emerging consumer trends within the premium craft beverage market. NSPL develops, produces, markets, and sells alcohol beverages under the brand names “Mikiamo” and “Seoulmate”, which are described as craft liqueur brands.
Nuvola Spirits Background
Nuvola Spirits Private Limited was incorporated on August 2, 2023. Founded by Mr. Raghav Sachdeva and Ms. Aakriti Sachdeva, the company focuses on globally inspired beverages with Italian and Korean flavor profiles. Its product portfolio includes Soju (Korean RTD spirit) and various liqueurs such as Limoncello, Meloncello, and Amara Rosso.
Financial Details and Completion Timeline
For the financial year ended March 31, 2025, NSPL reported a turnover of INR 0.38 crore and a negative net worth of INR 0.15 crore. Projections for FY 24-25 estimate sales of INR 0.38 crore, increasing to INR 3.50 crore (un-audited) for FY 25-26. The investment is considered an arms-length transaction, with no interest from USL’s promoters, promoter groups, or group companies in NSPL. The indicative time period for the completion of the acquisition is on or before September 21, 2026.
Source: BSE
