Vijay Mallya's stake sale of up to 14.9 per cent in United Spirits to the world's largest liquor maker, Diageo, seems to have got stuck with the chief executive of the latter saying that his company is not ready to sign a deal at the moment.
"Diageo Plc isn't yet ready to sign a deal with United Spirits Ltd (USL) in India," Diageo Chief Executive Paul Walsh said, according to a Wall Street Journal report yesterday.
Mallya last month had said that the UB Group was open to selling up to 14.9 per cent of its treasury stocks in USL to a strategic partner and in that regard he had met Diageo officials in New York.
Mallya told PTI today: "Both Diageo and United Spirits are public companies and cannot possibly be expected to comment on a potential transaction in definitive terms till negotiations are totally conclusive in all aspects".
