Diageo`s spirited talks for stake in Mallya`s firm USL fail
New Delhi: World`s largest alcohol player Diageo`s protracted efforts for a pie in India`s liquor king Vijay Mallya`s group firm failed on Tuesday but neither side gave reasons for the abrupt ending.
The British firm was to buy 15 per cent stake in Mallya`s
United Spirits Ltd (USL) and the two firms were in talks since
early this year for the sale of USL`s treasury stock --
created by amalgamation and demergers and not traded on
The deal would have added global brands like Johnnie
Walker Black Label and Smirnoff to the USL stable, which
already has McDowell`s No.1, Romanov, Royal Challenge and
Black Dog in portfolio.
A top USL official confirmed the development but did not
want to be identified.
Meanwhile, when contacted, the company spokesperson said
that he would need to check the details and get back.
UB Group was planning to retire a portion of its debts
through the stake sale to Diageo, which eventually was keen on
picking up more than 15 per cent in India`s largest spirits
In May 2007, UB had raised a debt of 595 million pounds
for buying Scotch major Whyte & Mackay.
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