Mallya buys Taittinger's wine arm for $15 million

 Earlier, UB had made a bid to acquire Champege Taittinger for Rs 3000 crore but US private equity firm Starwood Capital, which bought the European champagne major last year from its French promoters, sold it to Credit Agricole backed by the Taittinger family.

However, it decided to sell the wine subsidiary separately. Founded in 1851, Bouvet-Ladubay, which is described as one of the most respected wine-producing firms in Europe, is located in the French Loire Valley region.

In a bid to foray into the growing wine market in the sub-continent, UB Group plans to import Bouvet-Ladubay's range of wines with the acquisition.

"We will use its technology to develop our own wineyards and wineries in India, for a sustainable growth and leverage our leadership in the spirits market," Vijay Mallya, chairman of UB Group, said.

Last year, UB Group had acquired Shaw Wallace for $354 million, which made the Indian liquor major the world's second-largest spirits group.