UB Group Chairman Vijay Mallya said in a statement that four global spirits makers including Diageo, the world's largest, evinced interest in acquiring a stake in United Spirits Ltd. or USL, the country's largest liquor manufacturer. UB Group holds around 38% in USL, reports media.
Mallya declined to reveal the names of the other three interested parties, as it would be inappropriate to disclose further details at this stage.
According to company officials, the group is planning to sell up to 14.9% of a total of 17% of treasury stocks in USL to strategic partners.
Treasury stocks are those shares, which are traded by the company in open market, and these shares are not eligible for bonus and do not have voting rights.
Sources said in a statement that Mallya is interested in selling the stake in USL to raise funds to retire debt.
United Spirits has over 150 products in its portfolio, including the brands Black Dog, Signature, Royal Challenge and Romanov.
Source: RTT News