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Diageo to acquire 27.4 per cent stake in United Spirits for Rs 5,725 crore

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Friday, November 09, 2012, 15:49:26 (IST)
 
NEWS FLASH

Diageo Plc will acquire a 27.4 per cent stake in Vijay Mallya-owned United Spirits, the leading spirits company in India, for Rs 5,725.4 crore, the company said in a statement.

Mr Mallya will remain the chairman of United Spirits.

The deal will ramp up Diageo's presence in India, the world's largest whisky market, while Mr Mallya will gain the much-needed cash to reduce USL's debt, which stood at $1.6 billion (Rs 8,718.8 crore) at the end of June.
 

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