India-focused private equity fund manager Gaja Capital has sold a 20 percent stake in India-based spirits company John Distilleries to Sazerac, a U.S.-based liquor producer. The transaction reportedly values John Distilleries at INR10 billion (approximately US$144 million). The deal marks Sazerac’s second investment in the company after it purchased a 23 percent stake from Gaja in October 2017. The private equity firm reportedly invested approximately US$12 million in John Distilleries in 2011. Additional financial details of the transaction were not disclosed.