Vijay-Mallya led UB Group is understood to have reached a deal with world’s largest spirit maker Diageo for a stake sale in United Spirits.According to sources, the deal will be announced on Friday.
In a filing to BSE, two groups confirmed that the UK-based company is in discussion with it and United Breweries Holdings in respect of possible transactions to acquire an interest in the liquor firm.
USL is the world’s second largest spirits maker after Diageo and markets various liquor brands including Signature, Bagpiper, Antiquity, Royal Challenge, Signature in the country.
Bogged down by the troubles of group firm Kingfisher Airlines, Mallya has been forced to seek ways to raise funds as lenders to the carrier have refused to sanction further loans.
State Bank of India, the largest lender to the airlines, wants the airline’s promoters to bring in a minimum of USD 1 billion (about Rs 5,400 crore) from any source by month-end for its revival.
Already the country’s aviation regulator has suspended operating permit last month.