‘UB Group, Diageo closing in on USL deal’
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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 (USL).
According to sources, the deal will be announced tomorrow. However, the exact details such as the quantum of stake and valuation could not be ascertained.
When contacted, an UB Group spokesperson declined to comment. According to different reports, the deal could entail Diageo picking up to 51 per cent stake in USL which could be valued between $1 billion and $2 billion.
In September this year, United Spirits had confirmed that it was in talks with UK-based Diageo Plc for a stake sale.