United Spirits expands presence with acquisition of 15% stake in Pistola 

INDIA – United Spirits has announced the acquisition of a 15 per cent stake in Inspired Hospitality, the parent company of alcohol beverage brand Pistola, for Rs 5.65 crore (US$678,038.98). 

In a filing with the Bombay Stock Exchange (BSE, United Spirits stated: “The Company will subscribe to 3,494 Compulsory Convertible Preference Shares (CCPS) and 10 equity shares of Pistola, constituting approximately 15.0 per cent of the paid-up share capital of Pistola (on a fully diluted basis).” 

Pistola specializes in agave spirits and is involved in the development, marketing, and selling of such beverages. Although it does not have its own bottling unit facility, the company outsources this function to a third party. 

United Spirits aims to strengthen its presence in the premium craft segment through this investment, as mentioned in the filing.  

Additionally, the company stated that it may consider acquiring the remaining shares held by other shareholders upon Pistola reaching specific pre-agreed milestones within a defined timeframe. 

Established in 2010 by Rakshay Dhariwal and Radhika Dhariwal, Pistola is recognized as one of the emerging premium agave brands in India.  

The brand began its commercial operations in the agave spirits sector in December 2021 and distributes its products not only in India but also across the USA, Singapore, and Thailand. 

This announcement follows United Spirits’ disclosure of receiving a tax demand of Rs 5.51 crore (US$661238.02), including interest, for non-submission of certain statutory declaration forms and delivery proofs. 

“The Deputy Commissioner of State Tax, Nanded, has levied a demand on non-submission of certain statutory declaration forms and delivery proofs in the case of Pioneer Distilleries Ltd, merged with the company with effect from Dec. 30, 2023,” United Spirits Ltd said in a regulatory filing. 

The company revealed that it intends to contest the matter by filing a rectification application or appeal before higher authorities. 

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