Four firms in fray for USL stake: Mallya | business | Hindustan Times
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Four firms in fray for USL stake: Mallya

Liquor baron Vijay Mallya has said four global spirits makers including Diageo, the world's largest, have shown interest in acquiring stakes in United Spirits Ltd promoted by him.

business Updated: Mar 08, 2009 21:40 IST

Liquor baron Vijay Mallya has said four global spirits makers including Diageo, the world's largest, have shown interest in acquiring stakes in United Spirits Ltd promoted by him.

"United Spirits Ltd (USL) has received expressions of interest from four parties," UB Group Chairman Vijay Mallya said, while declining to name the firms.

"It would be inappropriate to disclose further details at this stage," he said.

According to company officials, the group is open to selling up to 14.9 per cent of a total of 17 per cent 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 don't receive bonus and don't have voting rights.

According to the industry sources, Mallya is interested in selling the stake in USL to raise funds to retire debt.