BackUnited Spirits denies talks on stake sale
United Spirits denies talks on stake sale
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Mumbai: India’s largest liquor maker, United Spirits, on Tuesday ruled out discussions with any company regarding its stake sale.
On Monday, a section of media reported that Bermuda-based drinks giant Bacardi was eyeing stake in Vijaya Mallya-promoted United Spirits Ltd (USL) and said both companies are holding talks in this regard.
“The company is not in conversation with anyone in this regard. The published news item is purely speculative," USL said in a filing to the Bombay Stock Exchange while completely refuting the reports published in a section of media.
The news item reported that Bacardi’s CEO, Andreas Gembler, had indicated the company was interested in USL’s potential move for private placement of treasury stocks with a strategic partner.
Bacardi’s operating brand portfolio in India include locally-bottled Carta Blanca white rum, Eristoff vodka, Bacardi Breezer RTD (Ready to Drink) and imported brands like Grey Goose vodka, Bombay Sapphire gin, 42 Below vodka and Dewar’s 12-year-old scotch.
United Spirits currently operates out of 68 distilleries which includes 20 owned by the company while 24 others are on contract and 14 are associates.
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